WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) will host a special virtual FinCEN Innovation Hours Program on October 14, 2021, focusing on the important role of digital identity to enhance financial services inclusion while supporting efforts to counter illicit activity that undermine the integrity and opportunity of the US financial system.
FinCEN encourages participation by companies developing technologies, solutions, or partnerships supporting the broad adoption of digital identity for multiple purposes within the financial services industry. This could include FinTech companies, RegTech companies, venture capital firms, financial institutions, and others.
FinCEN requests demonstrations highlighting how the digital identity solutions work and would be used in practice as well as how they may support private- and public-sector efforts to enhance financial integrity and financial inclusion, while protecting personal privacy. Each meeting will last no longer than an hour.
“The role of identity is critically important to FinCEN’s efforts to protect Americans and safeguard the U.S. financial system,” FinCEN’s Deputy Director AnnaLou Tirol said. “We encourage companies to register for this special Innovation Hours session and share solutions that can inform our ongoing work to identify criminal actors and networks and explore inclusive financial services options.”
Interested companies should submit a request online no later than September 24, 2021, and provide applicable background information about their firm’s business and innovative products. The number of individual demonstration sessions will depend on available time and the number of participants.
FinCEN announced the monthly Innovation Hours Program in May 2019. The Innovation Hours Program is part of a broader FinCEN Innovation Initiative, which seeks to promote innovation by supporting, where appropriate and feasible, innovative pilot programs, and enhanced feedback and information sharing programs.