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FinCEN proposes new anti-money laundering rule for financial institutions

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FinCEN has proposed a new rule to reform anti-money laundering (AML) and countering the financing of terrorism (CFT) programs for financial institutions, aiming to reduce compliance burdens and enhance effectiveness. This shift towards risk-based approaches is crucial for developers and tech professionals as it may lead to more efficient AML/CFT systems, though watchdogs like Transparency International U.S. have raised concerns about potential regulatory weaknesses.

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