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Story summary
- Financial Crimes Enforcement Network (FinCEN) proposed on April 7, 2026 a rule to reform AML and CFT programs to modernize the framework and reduce compliance burdens, with comments due 60 days after Federal Register publication.
- The proposal focuses on compliance effectiveness.
- It would allow banks to prioritize riskier areas.
- It would clarify expectations for program functions.
- Treasury Secretary Scott Bessent emphasized shifting from paperwork to combating illicit finance.
