On July 15, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, convened a meeting that brought together representatives from Treasury components, law enforcement agencies, financial institutions, regulatory technology companies, and trade groups. The focus of this FinCEN Exchange event was to discuss how innovation in the digital assets ecosystem can be advanced while also addressing emerging fraud and scam risks.
The event, titled “Advancing Digital Assets Innovation While Safeguarding Consumers Against Fraud and Scam Risks,” included discussions on industry trends related to innovation, new developments in fraud and scam prevention, law enforcement’s role in deterring financial crimes involving digital assets, and best practices for compliance within the sector. As more financial institutions adopt digital assets, participants emphasized the need to balance technological progress with strong compliance measures and consumer protections.
According to FinCEN, this Exchange is part of ongoing efforts by the Treasury Department to encourage dialogue between government entities and private sector partners as they work together to combat financial crimes while supporting innovation. The event also supported Executive Order 14178, which aims to strengthen American leadership in digital financial technology. FinCEN stated it will continue collaborating with partners in the digital asset industry to develop strategies for detecting, preventing, and reporting suspicious activities. The agency encourages financial institutions to remain aware of changing risks associated with digital assets by consulting its published guidance and advisories.
“The FinCEN Exchange program is a statutorily authorized, voluntary public-private partnership that convenes relevant stakeholders, including law enforcement agencies and financial institutions. The program aims to protect our national security and our citizens from harm by combatting money laundering and its related crimes, including terrorism, through public-private dialogue that encourages, enables, and acknowledges industry focus on high-value and high-impact activities. The program began in 2017 and was codified as part of the Anti-Money Laundering Act of 2020.”
