ME News reports that on May 23 (UTC+8), the U.S. Federal Deposit Insurance Corporation (FDIC) announced a proposed rule to establish Bank Secrecy Act (BSA) and sanctions compliance standards for stablecoin issuers under its supervision. In accordance with the GENIUS Act, U.S. federal banking regulators are required to develop a regulatory framework for stablecoin issuers. Previously, the FDIC proposed two rules addressing the process for bank subsidiaries to apply as stablecoin issuers, as well as capital, liquidity, and risk management requirements. The latest proposal further requires stablecoin issuers to comply with anti-money laundering/countering the financing of terrorism (AML/CFT), economic sanctions, and related reporting obligations, including those established by the U.S. Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). Additionally, the FDIC plans to establish oversight and enforcement mechanisms for AML/CFT programs. The proposal will open for a 60-day public comment period after publication in the Federal Register. (Source: BlockBeats)
U.S. FDIC Proposes AML and Sanctions Compliance Rules for Stablecoin Issuers
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Summary
On May 23 (UTC+8), the U.S. FDIC proposed AML and CFT compliance rules for stablecoin issuers under its supervision. The proposal, part of the GENIUS Act, requires stablecoin firms to comply with FinCEN and OFAC AML, CFT, and sanctions obligations. The FDIC will also establish oversight and enforcement of AML/CFT programs. The rule will be published in the Federal Register for a 60-day public comment period.
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