New Job Opening in New York’s Financial Sector
New York’s financial regulatory body is on the lookout for a senior blockchain analytics analyst. This role is crucial for combating financial crimes, particularly focusing on issues such as money laundering within the cryptocurrency space. The position offers the flexibility to be based either in New York City or Albany, with a competitive starting salary of $84,156. As the analyst gains experience, their salary could potentially increase to $106,454, depending on performance and other factors. Notably, positions located in the metro area, which includes Suffolk, Nassau, Rockland, and Westchester counties, benefit from an additional annual downstate adjustment of $3,400.
Key Responsibilities and Requirements
Prospective candidates are expected to have a minimum of one year of experience in the cryptocurrency industry. Essential skills include proficiency in blockchain analytics and familiarity with Open-Source Intelligence (OSINT) tools. An in-depth understanding of the Bank Secrecy Act, anti-money laundering (AML) regulations, and related legal frameworks is also a requirement for this position.
In this role, the analyst will be responsible for evaluating risks associated with illicit activities by utilizing blockchain analytics and conducting on-chain attribution linked to Department of Financial Services (DFS)-regulated virtual currency licensees. Additionally, they will oversee dashboards that flag potential irregularities indicative of money laundering activities or breaches of sanctions, prompting necessary investigations and timely reporting.
Regulatory Landscape and Recent Developments
The New York Department of Financial Services (NYDFS) initiated its virtual currency unit in January 2015, aiming to enforce the BitLicense framework. This framework governs businesses that manage virtual currencies, with the unit tasked with investigating a variety of violations, including fraud, unauthorized operations, cybersecurity shortcomings, and failures in AML compliance.
In a recent development, New York State Comptroller Thomas DiNapoli raised concerns regarding potential gaps in the oversight of the BitLicense program. His office released a report recommending that the NYDFS enhance its BitLicense initiatives to address issues related to financial sustainability and cybersecurity protocols, underscoring the ever-evolving challenges faced by regulators in the cryptocurrency domain.