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Code · BILL · 116th Congress · H.R. 56 (Referred in Senate) — To establish an Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, to provide rew... · Sec. 5

Sec. 5. Fintech Leadership in Innovation and Financial Intelligence Program

331 words·~2 min read·/bill/116/hr/56/rfs/section-5

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There is established a program to be known as the Fintech Leadership in Innovation and Financial Intelligence Program , which shall be funded as provided under section 4(b)(2). The Secretary of the Treasury shall make grants for the development of tools and programs to detect terrorist and illicit use of digital currencies. The Secretary may make grants under this subsection to entities located in the United States, including academic institutions, companies, nonprofit institutions, individuals, and any other entities located in the United States that the Secretary determines appropriate.
With respect to tools and programs described under paragraph (1), in addition to grants for the development of such tools and programs, the Secretary may make grants under this subsection to carry out pilot programs using such tools, the development of test cases using such tools, and research related to such tools. In making grants under this subsection, the Secretary shall give preference to— technology that is nonproprietary or that is community commons-based; computer code that is developed and released on an open source basis; tools that are proactive (such as meeting regulatory requirements under know your customer and anti-money laundering requirements for any entity that has to comply with U.S.
Government regulations) vs. reactive (such as aiding law enforcement organizations in catching illegal activity after the fact); and tools and incentives that are on decentralized platforms. Any new technology developed with a grant made under this subsection shall be based on existing global standards, such as those developed by the Internet Engineering Task Force
(IETF)and the World Wide Web Consortium (W3C). Tools and programs developed with a grant made under this subsection shall be in support of existing laws or regulations, including the Bank Secrecy Act, and make efforts to balance privacy and anti-money laundering concerns. Tools and programs developed with a grant made under this subsection shall be freely accessible and usable by the public. This requirement may be fulfilled by publicly availing application programming interfaces or software development kits.
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