WASHINGTON — The Financial Crimes Enforcement Network (FinCEN) will host a special virtual FinCEN Innovation Hours Program on September 9, 2021, focusing on the important role of privacy-preserving principles in developing technical solutions that enhance financial services innovation while countering illicit activity and national security risks that undermine the integrity and opportunity of the U.S. financial system. FinCEN encourages participation by companies developing solutions to privacy issues, such as homomorphic encryption, zero-knowledge proofs, and other technology that balances privacy and financial integrity. This could include FinTech companies, RegTech companies, venture capital firms, and financial institutions.
FinCEN requests that demonstrations highlight how the innovative solutions work and how financial institutions or business and retail consumers might use them, or how they may support private- and public-sector efforts to enhance our financial integrity, while protecting national security and personal privacy. Each meeting will last no longer than an hour.
“This program is an example of FinCEN’s ongoing dedication to advancing the integrity and innovative strength of the U.S. financial system, which includes balancing transparency and accountability with the important principles of privacy and security,” said Acting Director Michael Mosier. “We support responsible innovation, especially that which promotes the resilience and safety of our financial system and the American people."
Interested companies should submit a request online no later than July 23, 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.