NYDFS is Considering Using Crypto Tools to Help Enforce Sanctions Against Russia

  • New York Governor Kathy Hochul announced actions yesterday.
  • The actions to strengthen the Department of Financial Services’ enforcement of sanctions against Russia include expediting additional blockchain analytics technology procurement.

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New York Governor Kathy Hochul announced actions yesterday. The actions to strengthen the Department of Financial Services’ enforcement of sanctions against Russia include expediting additional blockchain analytics technology procurement. These tools will help the Department of Financial Services detect exposure of DFS-licensed virtual currency businesses to Russian individuals, banks, and other entities sanctioned by the Biden Administration.

In addition, as part of its efforts to become a leading, data-driven regulator of the global financial services sector, DFS has been evaluating various technology tools and service providers to supplement current supervisory capabilities. Accelerating the procurement process is a critical step in strengthening the Department’s ability to enforce anti-money laundering and Bank Secrecy Act laws during this crisis and in the future.

Governor Hochul said that “Like millions across the globe, New Yorkers are watching the situation in Ukraine with fear and outrage, and in response, we are taking further action. We stand shoulder to shoulder with the people of Ukraine and will continue to do our part to enforce U.S. sanctions against Russia in response to their unwarranted attack. New York is proudly home to the nation’s largest Ukrainian population, and we will use our technological assets to protect our people and show Russia that we will hold them accountable.”

Superintendent of Financial Services Adrienne A. Harris said that “We know that bad actors will try to evade sanctions through the transmission of virtual currency, which is why it is imperative that we have the ability to monitor transactions and exposure in real-time. We continue to coordinate closely with federal and other state regulators and communicate with our regulated entities to ensure the full weight of our regulatory regime is brought to bear in the fight to protect Ukraine.”

Following Russia’s unjustified and unprovoked attack on Ukraine, Governor Hochul issued an Executive Order directing all New York State agencies and authorities to review and divest public funds from Russia. The Governor has also pledged to work with the Biden Administration. In addition, he wants to support and welcome crisis refugees and condemn Russia’s unjustified violence against the Ukrainian people.

Chaahat Girdhar
Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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