The Financial Crimes Enforcement Network (FinCEN) has proposed significant reforms aimed at overhauling financial institution programs intended to combat illicit finance. This initiative includes changes to anti-money laundering (AML) rules by US regulators, including the Treasury. Key proposals involve a risk-based rewrite of AML and counter-financing of terrorism (CFT) regulations for banks and credit unions, spearheaded by the FDIC, OCC, and NCUA. Among the pivotal changes, FinCEN suggests ending the 2024 risk assessment requirements, marking a substantial shift in the approach to AML compliance.