FDIC Proposes AML and Sanctions Compliance Rules for Stablecoin Issuers Under GENIUS Act

On May 25, the Federal Deposit Insurance Corporation (FDIC) proposed new rules under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to establish anti-money laundering, countering the financing of terrorism, and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers. The proposal would require compliance with Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) regulations, with enforcement measures including cease-and-desist orders, written agreements, and civil money penalties. The FDIC would coordinate with FinCEN, providing at least 30 days for review before taking enforcement action. Public comments will be accepted for 60 days following publication in the Federal Register.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments