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The FDIC proposes to implement the Bank Secrecy Act and sanctions compliance requirements on stablecoin issuers

金色财经_
Gold Financial reports that on May 23, the Federal Deposit Insurance Corporation (FDIC) announced a new regulation aimed at establishing "Bank Secrecy Act" (BSA) and sanctions compliance standards for stablecoin issuers under its supervision. According to the requirements of the "GENIUS Act," U.S. federal banking regulators are required to develop a regulatory framework for stablecoin issuers. Previously, the FDIC proposed two rules, one concerning the process for bank subsidiaries applying to become stablecoin issuers, and the other regarding capital, liquidity, and risk management requirements.
The latest proposal further requires stablecoin issuers to comply with anti-money laundering/combating the financing of terrorism (AML/CFT), economic sanctions, and related reporting obligations, including regulations set by the U.S. Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). Additionally, the FDIC plans to establish supervision and enforcement mechanisms for AML/CFT programs. The proposal will be open for a 60-day public comment period after publication in the Federal Register.
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