The FDIC today proposed a new rule to establish Bank Secrecy Act and sanctions compliance standards for stablecoin issuers regulated by the agency.
The Genius Act directs federal banking agencies to implement regulations for stablecoin issuers. The FDIC previously proposed two rules to establish the process for which bank subsidiaries can apply to become issuers, and to set capital, liquidity and risk management requirements for those same issuers.
The proposed rule unveiled today would require issuers to comply with any applicable regulations regarding anti-money laundering/countering the financing of terrorism (AML/CFT), economic sanctions program and reporting requirements, including requirements promulgated by the Financial Crimes Enforcement Network and the Office of Foreign Assets Control, according to a financial institutions letter. It would also establish supervision and enforcement provisions for AML/CFT programs, in alignment with FinCEN requirements.
Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register.
