FDIC Proposes Bank Secrecy Act and Sanctions Compliance Requirements for Stablecoin Issuers

According to BlockBeats, on May 23, the U.S. Federal Deposit Insurance Corporation (FDIC) proposed new rules requiring stablecoin issuers under its supervision to comply with Bank Secrecy Act (BSA) and sanctions standards. The proposal mandates adherence to anti-money laundering and counter-terrorism financing (AML/CFT) obligations, economic sanctions compliance, and reporting requirements set by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). The FDIC also plans to establish supervision and enforcement mechanisms for AML/CFT programs.

The proposal will be published in the Federal Register and will be open for 60 days of public comment.