FDIC Board Moves Forward With BSA and Sanctions Rule for Payment Stablecoin Issuers

On May 22, the FDIC said its board approved a notice of proposed rulemaking to set Bank Secrecy Act and sanctions-compliance standards for FDIC-supervised permitted payment stablecoin issuers under the GENIUS Act. The plan would require AML/CFT programs, sanctions controls, and reporting, and would add a new supervision and enforcement subpart to 12 CFR Part 350. Public comments would be open for 60 days after the proposal is published in the Federal Register.