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Financial Services Law Insights and Observations

FinCEN to host workshop on privacy enhancing technologies

Financial Crimes FinCEN Privacy/Cyber Risk & Data Security Fintech

Financial Crimes

On May 26, the Financial Crimes Enforcement Network (FinCEN) announced it will host a special Innovations Hours Program in September “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.” Fintech and regulatory technology (regtech) companies, venture capital firms, and financial institutions interested in providing a demonstration should highlight how their innovative solutions work and how these solutions “may support private- and public-sector efforts to enhance financial integrity, while protecting national security and personal privacy.” Interested companies should submit requests here no later than July 23. As previously covered by InfoBytes, the Innovation Hours Program was announced in 2019 to provide opportunities for fintech/regtech companies and financial institutions to showcase new and emerging approaches to combating money laundering and terrorist financing and to demonstrate how financial institutions could use such technologies.