Chainalysis Partners with Wyoming Government to Combat Money Laundering

According to the details, both parties would work together to mitigate money laundering, sanctions violations, and other crimes that utilize digital analysis …
Reading Time: 2minutes by Adeniyi Olowoporoku on September 19, 2020&nbspBlockchain

Blockchain analysis firm Chainalysis has announced that it has entered a strategic partnership with the State of Wyoming Division of Banking to develop solutions to combat money laundering and other financial crimes.

Blockchain Technology to Be Used to Track Transactions

Chainalysis, in a detailed press release on September, 17, revealed key details of the partnership. According to the details, both parties would work together to mitigate money laundering, sanctions violations, and other crimes that utilize digital analysis.

Wyoming Division of Banking would integrate Chainlink products into their system and this would be used to verify a wide range of services including verification of banks’ compliance with anti-money laundering, Bank Secrecy Act, and other sanction requirements.

In addition, the Division would use Chainlink solutions to help law enforcement agencies conduct transaction testing and monitoring. The Wyoming Division of banking is the chief regulator within the financial sector of the state and supervises state banks, mortgage companies, and other non-financial firms.

Chainalysis co-founder Jonathan Levin believes that the partnership would help the Wyoming Division of Banking promote a safe and progressive regulatory system while furthering the adoption of digital assets in various sectors in the state.

“Chainalysis transaction monitoring is an important tool in helping them embrace virtual currency as the technology of the future of financial services while ensuring financial institutions and virtual currency businesses in their jurisdiction are compliant.”

Chainalysis is one of the top blockchain analytical platforms in the space and offers a variety of solutions to different organizations. It has become increasingly popular in the financial space where its solutions have been used to monitor large volumes of digital asset activity and also for the identification of suspicious transactions.

Wyoming Leading in Blockchain Adoption

The State of Wyoming has been one of the forerunners in blockchain adoption and regulation in the United States. The state authorized in 2019 a special legislature which created the legal framework for digital asset custody and fiduciary activities.

The State’s legislature also announced Earlier in March, BTCManager reported that the State’s legislature had created a new committee to foster the development of blockchain technology.

This latest partnership with Chainalysis is a good one and further highlights the potentials of blockchain technology in solving real-world problems.

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