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FinCEN announces program to aid AML innovation
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced a new initiative – the Innovation Hours Program – to better shape and inform the agency's 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," the agency said in a release. "Technology demonstrations should highlight how these innovations work and how financial institutions might use them."
According to the release, the Innovation Hours Program was developed as part of a broader innovation initiative by FinCEN that will include consideration of exceptive relief for pilot programs designed to foster innovative solutions to AML/CFT compliance challenges and efforts to provide feedback and information sharing programs.
Those who meet the criteria to participate may request a meeting during Innovation Hours, held on the second Thursday of each month unless otherwise arranged. FinCEN will publicly announce any regional hours outside Washington, D.C., and will issue instructions on how to participate at that time.
Earlier this month, FinCEN released guidance that addressed whether certain cryptocurrency-related business need to be regulated as money services businesses and comply with relevant financial laws, such as the Bank Secrecy Act (BSA).
NAFCU is active in seeking BSA/AML improvements and relief for credit unions. Last year, a NAFCU witness testified on the need for BSA/AML reforms and ahead of a House Financial Services Committee markup earlier this month, NAFCU Vice President of Legislative Affairs Brad Thaler urged the committee to strengthen and improve the BSA/AML system.
NAFCU remains committed to ensuring a level playing field for credit unions and continuously monitors the financial services landscape for potential changes that could impact the industry.