S&K Recognized in the 2022 FDIC and FinCEN Digital Identity Tech Sprint

April 7, 2022

Seward & Kissel’s Casey Jennings, attorney in the firm’s Financial Services Regulatory and Blockchain and Cryptocurrency Groups, participated in the 2022 FDIC and FinCen Digital Identity Tech Sprint.

The Digital Identity Tech Sprint aim was to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing. Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN sought to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment.

Only 60 participants were selected from over 200 applicants, and were grouped into eight teams to collaborate and present their solution to the following question: “What is a scalable, cost-efficient, risk-based solution to measure the effectiveness of digital identity proofing to ensure that individuals who remotely (i.e., not in person) present themselves for financial activities are who they claim to be?”

Over the course of three weeks, Jennings worked with his team to address this critical question. His team was among three groups that were specifically highlighted by the FDIC and FinCen for their work in the Tech Sprint. Jennings’ team (Team Heimdall), won the award for Most Effective.

For additional details on the Digital Identity Tech Sprint, please click here.


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