WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has announced the FinCEN Innovation Hours Program, which it said is designed 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,” FinCEN said. “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.”
According to FinCEN, 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, FinCEN said.
Part of Broader ‘Innovation Initiative’
“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,” the organization said.
According to FinCEN, plans call for the Innovation Hours Program to meet on the second Thursday of each month from 9:30-12:30 EST at locations in the Washington, D.C. area. It said it may also potentially hold meeting elsewhere.