On October 14, The Financial Crimes Enforcement Network (FinCEN) will host an interactive virtual event on advanced Digital Identity services and technologies. These technologies are largely used in the Fintech and Regtech domains, helping companies to sync in their efforts against Anti-money laundering (AML) activities, and reporting illicit financial crimes to the governing authorities in the US financial system.
First launched in May 2019, FinCEN’s monthly Innovation Hours Program is part of FinCEN Innovation Initiative that envisions the role of various insights-based benchmark practices, technologies, and legal compliance that can be directly understood in the current scenario influencing the US Financial system.
Last month, FinCEN organized its second virtual FinCEN Exchange on Ransomware, discussing topics on cybercrime, trends and typologies, detection, reporting and recovery of funds inflicted by ransomware attacks.
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By virtue of the FinCEN event, participants operating in the Fintech and Regtech domains can explore the various ways digital identity services and technologies could enhance financial services inclusion, supporting FinCEN in fighting illicit crimes that directly affect “the integrity and opportunity of the US financial system.” Participants can showcase their technologies, solutions, and partnerships within the Fintech / Regtech domains, focusing on the various means that US financial systems could adopt digital identity solutions for the financial services industry. Apart from the Fintech and Regtech markets, these solutions and technologies would also empower VCs, and other financial institutions in making sound decisions regarding data management, governance, and compliance as per law of the land and the principles of AI ethics.
At the time of this announcement, FinCEN’s Deputy Director AnnaLou Tirol said, “The role of identity is critically important to FinCEN’s efforts to protect Americans and safeguard the U.S. financial system. 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.”
Participants can submit their online requests by 24 September 2021.
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