; (B) standards that such an optional regime must meet for approval, with those standards having the primary goal of addressing anti-money-laundering-regime priorities and other significant Bank Secrecy Act and anti-money-laundering risks identified in a particular financial institution’s (or association of financial institutions) risk assessment; (C) include in the standards described in subparagraph (B)— (i) an emphasis on using innovative approaches for transaction monitoring such as machine learning rather than rules-based systems; (ii) requirements for testing, audit, parallel runs, and ongoing quality assurance processes to ensure that these systems are working effectively, including risk-based back-testing of the regime to facilitate calibration of relevant systems; (iii) requirements for appropriate data privacy and security; and (iv) requirements for examination of these systems by the appropriate Federal or State financial regulators; and (D) with respect to technology and processes designed to facilitate compliance with the Bank Secrecy Act requirements that are not covered by subparagraph (A), specify that financial institutions may not be required to test new technology and processes alongside legacy technology and processes, known as parallel runs, in all cases, but instead— (i) should develop a risk-based implementation and testing plan, in consultation with State and Federal financial regulators as appropriate, that accounts for legal, data privacy, and security concerns that includes a reasonable testing timeline; (ii) should identify processes and procedures for replacing or terminating any legacy technology and process for any examinable technology or process