FinCEN Announces New Innovation Program

The Financial Crimes Enforcement Network announced today a new program to facilitate innovative approaches to combating money laundering and terrorist financing. The program, Innovation Hours, is part of a larger initiative—introduced at the ABA/ABA Financial Crimes Enforcement Conference last December—to spur BSA/AML innovation among financial institutions.

Innovation Hours will provide fintech and regtech companies the opportunity to present new and emerging products to FinCEN, demonstrating how they could be used by financial institutions. Primary consideration will be given to companies that are already operational.