AML RightSource's John Byrne sits down with Dan Stipano, partner at Davis Polk's Financial Institutions and Regulation Group and former Deputy Enforcement Director at the OCC, for an immediate reaction to FinCEN's newly proposed AML/CFT Program Rule. The conversation covers the genesis of the proposal and its key structural changes — including the bifurcation of program establishment and implementation, the formal incorporation of national AML priorities, and the clarification of the US-based compliance officer requirement. Most notably, the two dig into what may be the rule's most consequential provision: FinCEN's unprecedented new role as a gatekeeper over federal banking agency supervisory and enforcement actions. They also touch on a separate final rule from the OCC, the Fed, and the FDIC that eliminates reputational risk from the supervisory framework and what that means for banks' account decisions going forward.