FinCEN's 2026 AML Program Proposal and Dealers

In April 2026, FinCEN proposed what it called a fundamental reform of AML/CFT program requirements. Dealers in precious metals, precious stones, or jewels are expressly covered. Here is where it stands and what it would change.

Status

FinCEN announced the proposal on April 7, 2026, and it was published in the Federal Register shortly after. Comments closed June 9, 2026. As of late October 2026, it remains a proposal. FinCEN proposed a 12-month implementation period after any final rule, so dealers will have time to adjust once the final text is out.

The proposal replaced FinCEN's earlier 2024 program modernization proposal, which was withdrawn.

What would change

One standard: an effective program

Today's rules describe a program by its required parts. The proposal would add a formal definition of an effective AML/CFT program: one that is properly established under the rule's minimum components and implemented in all material respects. FinCEN framed this as separating program design from day-to-day execution when evaluating a program.

Risk assessment becomes explicit

The risk assessment would sit inside the internal controls requirement as a formal component. Dealers already base their controls on risk, so for a well-run program this formalizes current practice.

Resources follow risk

The proposal would codify the expectation that programs direct more attention to higher-risk customers and activity and less to lower-risk ones. For dealers with large, low-balance retail customer bases, that is a welcome direction.

"CFT" in the rule text

Countering the financing of terrorism would be written into the program rules alongside anti-money laundering.

Approval

The written program would need approval by the board, an equivalent governing body, or appropriate senior management, and would be made available to FinCEN on request.

What it does not change

The proposal concerns program requirements. It does not create a mandatory SAR rule for dealers, does not extend the CDD beneficial ownership rule to dealers, and does not change Form 8300 or OFAC obligations. Those remain as they are.

How to prepare

Make sure your risk assessment is written down, current, and reflects both the sale and purchase sides of your business.
Check that your written program matches what your staff does. Under an "implemented in all material respects" standard, gaps between program and practice matter more, not less.
Confirm who approved your program and when, and keep that record.
Keep your independent testing current, so you have evidence the program works.

We will update this post when FinCEN issues a final rule.