March 9, 2022

New York governor to procure additional blockchain analytics technology to strengthen Russia-related sanctions compliance

On March 2, 2022, New York governor Kathy Hochul announced efforts to expedite the procurement of additional blockchain analytics technology in order to strengthen the enforcement of sanctions against Russia by the Department of Financial Service (DFS).  The technology is intended to improve the ability of the DFS and DFS-licensed virtual currency businesses to detect and monitor exposures to Russian individuals, banks and other entities sanctioned by the Biden Administration and also improve the enforcement of anti-money laundering and Bank Secrecy Act laws.

This action is taken in accordance with Hochul’s Executive Order of February 27, 2022 that instructs all state agencies and authorities in New York to review and divest public funds from Russia following the unjustified and unprovoked attack on Ukraine.  Hochul, who reports that New York is home the nation’s largest Ukrainian population, also pledged to work with the Biden Administration to support refugees of the Ukrainian crisis and welcome them into the state.

NYDFS Press Release | NY Governor’s Executive Order