NEW YORK–(BUSINESS WIRE)–Fintel Technologies, Inc., announced today that the United States Patent and Trademark Office (USPTO) had issued it a second patent related to its innovative technology enabling financial institutions to engage in cross-institutional communication and collaboration regarding terrorist financing, money laundering, cyber-crime, and financial fraud.
The USPTO has issued U.S. Patent No. 11,025,630 entitled, “System, method and computer-readable medium for utilizing a shared computer system.” The patent is directed to systems and methods for financial institutions to securely engage in information sharing under the provisions of the USA PATRIOT Act Section 314(b).
Section 314(b) establishes a “safe harbor” from liability for financial institutions and associations of financial institutions to broadly share information, including specific and detailed information about customers, to identify and report possible money laundering or terrorist activity.
In December 2020, the Financial Crimes Enforcement Network (“FinCEN”) of the United States Department of the Treasury issued guidance clarifying the scope of Section 314(b) and the type of entities that are permitted to form information-sharing associations, including non-financial institution service providers such as Fintel.
“We believe we hold a significant and growing patent portfolio related to information sharing about financial crimes under Section 314(b) and continue to be excited about FinCEN’s recent guidance. The FinCEN clarifications support our innovations in the anti-money laundering and anti-fraud software markets for products that leverage Section 314(b) and enable scalable information sharing,” said Matthew Rosen, CEO of Fintel.
Fintel’s patent portfolio includes two patents granted by the USPTO and two pending applications, all in the area of USA PATRIOT Act 314(b) Information Sharing.
About Fintel Technologies, Inc.
Fintel is a financial risk management and compliance software company developing pioneering applications for financial institutions to communicate and share information about financial crimes leveraging USA PATRIOT Act Section 314(b), a government-sanctioned information-sharing program. Fintel’s technologies and systematics can be used by thousands of financial institutions, including banks, broker-dealers, cryptocurrency exchanges, money service businesses, and insurance companies, to share information in a structured, secure, and legally compliant manner.
For more information, visit fintel.com.