FDIC Unveils Proposed AML and Sanctions Compliance Standards for Supervised Stablecoin Issuers

According to ME News, on May 23 (UTC+8) the U.S. Federal Deposit Insurance Corporation (FDIC) released a proposed rule that would set Bank Secrecy Act (BSA) and sanctions compliance standards for stablecoin issuers under its supervision. The proposal follows requirements in the GENIUS Act directing federal banking regulators to build a regulatory framework for stablecoin issuers. The FDIC had previously floated two proposals covering how bank subsidiaries would apply to become stablecoin issuers, along with capital, liquidity, and risk-management requirements. The new proposal expands the compliance perimeter, requiring stablecoin issuers to meet antimoney laundering/countering the financing of terrorism (AML/CFT) obligations, U.S. economic sanctions requirements, and related reporting duties, including those administered by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). The FDIC also said it intends to put in place supervisory and enforcement mechanisms for AML/CFT programs. After publication in the Federal Register, the proposal will be subject to a 60-day public comment period. (Source: BlockBeats)