FinCEN looks to tech companies to help with AML/CFT efforts

The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has launched its FinCEN Innovation Hours Program to better shape and inform its ongoing engagement with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) innovators.

The programme 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.

Operational preference

Technology demonstrations should highlight how these innovations work and how financial institutions might use them. FinCEN expects to hold events in the Washington metropolitan 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.

Web requests

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 to encourage pilot programmes designed to facilitate innovative solutions to AML/CFT compliance challenges.

Details of FinCEN’s Innovation Hours Program can be found here.

Categories: Trade Based Financial crimes News

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