Nominis: Your partner in Bitlicense-ready Transaction Monitoring

When operating in Crypto, Know Your Transaction isn't just a nice technical feature - it's a regulatory imperative.

For those trying to obtain regulatory certificates like BitLicense transaction monitoring cannot be overlooked. 

 The NYDFS has been explicit: AML compliance for crypto businesses must include ongoing transaction monitoring, not just KYC and a transaction inspection at the point of receipt. Under the BitLicense framework, VASPS, exchanges and other entities must maintain monitoring for illicit behaviour, and keep up with the fast-evolving risk landscape of digital assets. 

At Nominis, we specialise in real-time transaction intelligence, helping virtual asset service providers, exchanges and other entities on the blockchain meet global regulatory expectations - including those laid out by the, under its BitLicense requirements. 

In 2022, NYDFS made itself abundantly clear: crypto companies are expected to use blockchain analytics tools to comply with AML obligations. 

‘The department emphasizes the importance of blockchain analytics in addressing, for example, anti-money laundering requirements across a range of BSA/AML and OFAC related compliance controls, including but not limited to [...] conducting transaction monitoring of on-chain activity’. 

One-time Wallet Checks Are Obsolete

Many crypto platforms still rely on one-time wallet screening; checking an address upon receipt of funds, then doing very little afterwards. But in crypto, risk doesn't stand still. A wallet that looks safe today could: 

• Receive illicit funds tomorrow

• Begin interacting with sanctioned entities next week

• Appear in a darknet cluster tied to stolen funds in one month’s time 

Unless your KYT is continuous, you’re not compliant, risking your chances to obtain/maintain your bitlicense, and worst of all, your assets and reputation are vulnerable. 

How Nominis Supports AML through Advanced KYT 

Nominis gives you the tools to meet these expectations, and stay ahead of them. Our platform enables: 

• Continuous monitoring of wallet behaviour, even after onboarding 

• Real time alerts for interactions with high-risk or sanctioned entities 

• Behavioural analytics to detect laundering patterns or scam involvement 

• Cross-chain visibility, tracking wallet risk across multiple blockchains

We’re not just identifying risk at a single point in time, we are watching how it evolves. 

 KYT: the critical need for continuous On- and Off-chain monitoring

While the Bitlicense calls for AML framework compliance, and under this, transaction monitoring, it is important to recognise the need for on-and off-chain data to inform these monitoring procedures. The reality is, that even a fully license US -based VASP can unknowingly interact with sanctioned wallets if their transaction monitoring is not deep, continuous, and driven with a variety of intelligence sources. Nominis’ platform has previously revealed a regulated American VASP, entangled in a complex network or transactions and on-chain activity, including multiple wallets tied to OFAC sanctioned entities. These exposures did not occur at onboarding, but through indirect interactions over time. This is why transaction monitoring must be more than a compliance checkbox to fit the Bitlicense criteria; it needs to be dynamic, real-time and powered by diverse intelligence sources. Otherwise, you’re seeing only part of the picture. 

At the end of the day, KYT isn’t just a formality: it's a core AML pillar. 

With regulators like NYDFS calling for active blockchain analytics and continuous monitoring, KYT becomes your front line. At Nominis, we help you make KYT more than just a requirement, we help you turn it into a game changing advantage. 

Working towards earning your Bitlicense or other regulatory certificate, and need KYT? 

Book a demo with us - nominis.io 

All research content and accompanying reports are provided for informational purposes only and should not be relied upon as professional advice. Accessing these materials does not create any professional relationship or duty of care. Readers are encouraged to consult appropriately qualified professionals for guidance. We uphold the highest standards of accuracy in all the information we provide. For any questions or feedback, please contact us at contact@nominis.io.