FinCEN Announces Innovation Hours Program

On May 24th, the Financial Crimes Enforcement Network (FinCEN) announced its new Innovation Hours Program. The new program is designed to facilitate innovative approaches to combating money laundering and terrorist financing. In its announcement, FinCEN stated the program is intended to provide opportunities for both financial institutions and financial technology (FinTech) companies to discuss Bank Secrecy Act (BSA)-related innovations. In this article we summarize the program and provide useful insights for completing the application form.