WASHINGTON — On July 15, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) brought together Treasury components, law enforcement agencies, financial institutions, regulatory technology companies, and trade groups to share insights on driving innovation in the digital assets ecosystem while protecting consumers from emerging fraud and scam threats. The FinCEN Exchange event, titled “Advancing Digital Assets Innovation While Safeguarding Consumers Against Fraud and Scam Risks,” featured comprehensive discussions on industry trends in innovation, developments in fraud and scam prevention, law enforcement’s active role in deterring financial crimes facilitated by the illicit use of digital assets, and compliance best practices in the digital assets ecosystem. As digital asset adoption continues to expand across the financial sector, this event highlights the critical importance of balancing technological advancement with robust compliance and consumer protection measures.
This FinCEN Exchange event represents a continuation of Treasury’s commitment to fostering dialogue between government agencies and private sector partners to combat financial crimes while supporting innovation. The event supported Executive Order 14178, which strengthens American leadership in digital financial technology. FinCEN continues to work closely with digital asset industry partners to develop effective strategies for detecting, preventing, and reporting suspicious activities. FinCEN encourages financial institutions to stay informed of evolving digital asset risks by reviewing FinCEN’s relevant guidance and advisories.
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The FinCEN Exchange program is a statutorily authorized, voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions. The program aims to protect our national security and our citizens from harm by combatting money laundering and its related crimes, including terrorism, through public-private dialogue that encourages, enables, and acknowledges industry focus on high-value and high-impact activities. The program began in 2017 and was codified as part of the Anti-Money Laundering Act of 2020.