New York's financial regulator, the Department of Financial Services (NYDFS), is on the lookout for a Senior Blockchain Analytics Analyst to join its efforts in tackling financial crimes, including money laundering, within the crypto industry. This strategic hiring underscores the state’s commitment to enhancing oversight and compliance in the rapidly evolving digital asset landscape.

Job Details and Responsibilities

The position offers a starting salary of $84,156, with potential increases reaching $106,454. For candidates located in the New York City metro area, including Suffolk, Nassau, Rockland, and Westchester counties, there is an additional $3,400 annual downstate adjustment.

Key responsibilities for the analyst will include:

Assessing risks related to illicit activities using blockchain analytics and Open-Source Intelligence (OSINT) tools.

Evaluating compliance with the Bank Secrecy Act and anti-money laundering (AML) regulations.

Monitoring transaction dashboards for irregularities that could indicate money laundering or violations of sanctions, necessitating further investigation and reporting.

Requirements and Qualifications

Candidates must have a minimum of one year of experience in the crypto industry, demonstrating proficiency in blockchain analytics and familiarity with AML rules and related legal frameworks. The role is crucial for ensuring that businesses licensed under New York's BitLicense framework adhere to compliance standards and mitigate risks associated with financial crimes.

Background on NYDFS and BitLicense Framework

The NYDFS established its Virtual Currency Unit in January 2015 to enforce the BitLicense framework, which regulates businesses dealing with virtual currencies. This unit investigates various violations, including fraud, unauthorized operations, poor cybersecurity practices, and non-compliance with AML regulations.

Earlier this year, New York State Comptroller Thomas DiNapoli raised concerns regarding the oversight of the BitLicense program. A report issued by his office recommended improvements to the program, particularly emphasizing the need for enhanced financial sustainability and better cybersecurity measures to protect consumers and the financial system.

Conclusion

As the crypto landscape continues to expand, regulatory bodies like NYDFS are taking proactive steps to address potential risks and ensure compliance. The hiring of a Senior Blockchain Analytics Analyst represents a vital move in bolstering the state's ability to combat financial crimes in the cryptocurrency sector, aiming to create a safer and more transparent environment for digital asset transactions.