FinCEN Calls For Private Sector Innovation

The Financial Crimes Enforcement Network (FinCEN) is launching an initiative called the FinCEN Innovation Hours Program, as a call to private sector companies that have developed tech to fight money laundering and terrorist financing, the organization said in a release.

“The Innovation Hours Program will provide financial technology (FinTech) and regulatory technology (RegTech) companies and financial institutions the opportunity to present their new and emerging innovative products and services to FinCEN,” the organization said in the release. “Technology demonstrations should highlight how these innovations work and how financial institutions might use them. FinCEN expects to hold events in the Washington, D.C. metro area, as well as some regional events that focus on financial services-related innovation.”

Companies that are already in their operational phases will be given advance consideration. If a company is interested, it can put in a web request to FinCEN here, with background info describing the nature of the company and its products. There is no deadline for applications, and they are accepted on a rolling basis.

“The Innovation Hours Program is part of a broader innovation initiative at FinCEN that also includes consideration of exceptive relief for pilot programs designed to facilitate innovative solutions to AML/CFT compliance challenges, and ongoing efforts to provide enhanced feedback and information sharing programs,” FinCEN said.

FinCEN explained the importance of the program in an information page about the initiative. “Responsible innovation can be an important part of safeguarding the U.S. financial system against new and evolving threats related to money laundering, terrorist financing and other serious financial crimes,” it said.

The meetings will usually be held on the second Thursday of the month.

“Innovation Hours offers financial institutions, technology providers and other firms involved in financial services an opportunity to discuss and showcase their innovative products, services and approaches designed to enhance AML and the countering of the financing of terrorism (CFT) efforts,” FinCEN said. “Innovation Hours will foster a better mutual understanding by the public and private sector of the opportunities and challenges associated with innovating AML/CFT-related products and services in the financial services sector.”