Input from the private sector and other interested parties to the planning of an inaugural Financial Crimes Tech Symposium – a global effort that will look at how new technology can be used to more effectively fight financial crimes and other illicit activities – is being sought by the Financial Crimes Enforcement Network (FinCEN), the agency said in a statement Thursday.
FinCEN, Treasury’s financial crimes enforcement unit, said section 6211 of the Anti-Money Laundering Act of 2020 (AML Act) requires Treasury to periodically convene such a symposium in coordination with a new Bank Secrecy Act Advisory Group (BSAAG) Subcommittee on Innovation and Technology. The subcommittee was established under section 6207 of the act.
“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,” it said.
According to the FinCEN statement, the 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.” It also pointed to the FinCEN “Innovation Hours” (IH) program begun in March 2019 under that initiative.