How banks are integrating crypto AML software for compliance

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Virtual asset service providers (VASPs) are looking for effective cryptocurrency compliance solutions as new regulations are introduced globally to combat illicit activity on the blockchain. What solutions are available to them?
With the exposure of traditional banks and financial institutions to crypto-assets and all the risks involved, as well as the continued advice from governmental authorities to banks to integrate a crypto risk management system, what are the solutions available?

In order to align with current regulatory standards, banks and financial institutions entering the digital asset space, whether as direct or indirect service providers, must comply with Anti-Money Laundering and Know Your Transaction, or KYT, compliance — as part of broader Know Your Customer processes. To do so, they need to be able to effectively monitor the risks associated with blockchain transactions. Without in-house setups to cater to this, how are banks solving this problem? What solutions can they use to meet due diligence standards?
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