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U.S. financial institutions will for the first time have to tailor their compliance programs to account for the unique illicit finance-related risks they face and allocate their resources accordingly if a federal plan pitched Friday takes effect as currently written. The 178-page notice of proposed rulemaking, or NPRM, aims to implement the Anti-Money Laundering Act's mandate that financial institutions formally assess their specific vulnerabilities to illicit finance, modernize their AML programs and ensure they run "effectively," but says little about how much discretion they will have to balance those goals against their limited resources. "The importance of the assessment can't...