FinCEN Statement on Financial Crimes Tech Symposium
February 05, 2021 / Source: FinCEN
February 04, 2021
Section 6211 of the Anti-Money Laundering Act of 2020 (the “AML Act”) requires the Department of the Treasury to periodically convene a global anti-money laundering and financial crime symposium focused on how new technology can be used to more effectively combat financial crimes and other illicit activities. The AML Act further requires that such symposia shall be convened in coordination with a new Bank Secrecy Act Advisory Group (BSAAG) Subcommittee on Innovation and Technology, as established under section 6207 of the AML Act.
The Financial Crimes Tech Symposium will build upon the success of FinCEN’s Innovation Initiative, which was launched with the release of the Joint Statement on Responsible AML/CFT Innovation (December 2018) to foster a better understanding of the opportunities and challenges of Bank Secrecy Act and Anti-Money Laundering (BSA/AML)-related innovation in the financial services sector. A cornerstone of FinCEN’s Innovation Initiative, FinCEN’s “Innovation Hours” program (IH Program), began in March 2019 and marked its first year anniversary in July 2020. Despite the ongoing challenges of the COVID-19 pandemic, the IH Program continues to provide the private sector with opportunities to present their innovative products and services to FinCEN and engage on solutions designed to improve how consumers and businesses move money, conduct transactions, or ultimately enhance BSA/AML efforts to keep Americans and our financial system safe from harm. The symposia will provide a platform for firms to review new technologies and demonstrate proof of concept for a broad range of attendees, including domestic and international financial regulators, regulated firms, technology providers, representatives from law enforcement and national security agencies, and academics, among others.
As FinCEN works with the BSAAG to design and plan for an inaugural Financial Crimes Tech Symposium, with details to be announced at a future date, FinCEN invites feedback from the private sector and other interested parties to factor into the planning process. If you would like to share feedback for FinCEN and the BSAAG to consider in planning for a forthcoming symposium, please utilize the Innovation Hours contact form to submit your ideas.
The mission of the Financial Crimes Enforcement Network is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.