FinCEN launches “Innovation Hours”

FinCEN Announces Its Innovation Hours Program

Contact
Steve Hudak, 703-905-3770
Immediate Release

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today the FinCEN Innovation Hours Program to better shape and inform its ongoing engagement with Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) innovators.

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. 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.

Primary consideration for requests for Innovation Hours will be given to entities that are at the operational stage. Companies interested in meeting with FinCEN should submit a web request and provide applicable background information about their firm’s business and innovative products. Requests will be 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.

And here is the detail from the program page (which includes a “Request a meeting” section):

FinCEN’s Innovation Hours Program

Welcome to FinCEN’s Innovation Hours Program.  Private sector innovation, either by new ways of using existing tools or by adopting new technologies, can help financial institutions enhance their anti-money laundering (AML) compliance programs and contribute to more effective and efficient record keeping and reporting under the Bank Secrecy Act (BSA) framework.  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.  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.  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.

For more information about FinCEN’s Innovation Hours Program, including the criteria to participate, please see the Frequently Asked Questions (FAQs)

Link:

FinCEN News Release

Innovation Hours Program page

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