Innovation Hours Report Highlights Program’s Impact and Outlines Its Role in Supporting FinCEN’s Future Innovation Efforts
The Financial Crimes Enforcement Network (FinCEN) today issued a report on its Innovation Hours Program, a key element of FinCEN’s broader Innovation Initiative. The FinCEN Innovation Initiative is a multilayered approach to ensure our national security by promoting responsible financial services innovation to further the purposes of the Bank Secrecy Act (BSA), as amended by the Anti-Money Laundering Act of 2020. The Innovation Hours Program launched nearly two years ago to better shape and inform FinCEN’s ongoing engagement with innovators of compliance solutions related to anti-money laundering/countering the financing of terrorism. The Program provides the financial services sector with an opportunity to present innovative products and services to FinCEN. Today’s report discusses emerging themes from the monthly Innovation Hours sessions, the Program’s impact on Federal Government policy and FinCEN’s priorities, and the Program’s role in supporting FinCEN’s future innovation efforts.