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Financial Services Law Insights and Observations

FinCEN to host workshop on privacy enhancing digital identity

Financial Crimes FinCEN Fintech Privacy/Cyber Risk & Data Security

Financial Crimes

On August 31, the Financial Crimes Enforcement Network (FinCEN) announced it will host a special Innovations Hours Program on October 14, “focusing on the important role of digital identity to enhance financial services inclusion while supporting efforts to counter illicit activity that undermine the integrity and opportunity of the US financial system.” Fintech and regulatory technology (regtech) companies, venture capital firms, financial institutions, and others interested in providing a demonstration should highlight how their digital identity solutions work and how these solutions “would be used in practice as well as how they may support private- and public-sector efforts to enhance financial integrity and financial inclusion, while protecting personal privacy.” Interested companies should submit requests here no later than September 24. 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.

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