Regulatory Alerts2026-05-22 | FIL-24-2026Notice of Proposed Rulemaking to Establish Bank Secrecy Act and Sanctions Compliance Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers
The FDIC Board of Directors issued a notice of proposed rulemaking to implement Bank Secrecy Act and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers (PPSIs) under the GENIUS Act. The proposed rule mandates that PPSIs adhere to applicable anti-money laundering, countering the financing of terrorism, and economic sanctions regulations, including reporting requirements from FinCEN and OFAC. It further establishes aligned supervision and enforcement provisions for PPSI compliance programs, with a 60-day public comment period following Federal Register publication.
Laws and Regulations
May 22, 2026
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Summary: The FDIC Board of Directors approved a notice of proposed rulemaking that would implement appropriate Bank Secrecy Act (BSA) and sanctions compliance standards applicable to FDIC-supervised permitted payment stablecoin issuers (PPSIs) pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions. Highlights: The FDIC is the primary Federal payment stablecoin regulator of PPSIs that are subsidiaries of insured State nonmember banks and State savings associations that have been approved by the FDIC to issue payment stablecoins. To implement BSA and sanctions compliance standards as required by the GENIUS Act, the proposed rule would require a PPSI to comply with any applicable regulations regarding anti-money laundering/countering the financing of terrorism (AML/CFT), economic sanctions program, and reporting requirements, including requirements promulgated by the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control. The proposed rule would also establish supervision and enforcement provisions for PPSI AML/CFT programs, in alignment with FinCEN requirements. Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register .
FIL-24-2026
Attachment(s)
Notice of Proposed Rulemaking to Establish Bank Secrecy Act and Sanctions Compliance Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers
GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions
Approval Requirements for Issuance of Payment Stablecoins by Subsidiaries of FDIC-Supervised Insured Depository Institutions
Approval Requirements for Issuance of Payment Stablecoins by Subsidiaries of FDIC-Supervised Insured Depository Institutions; Extension of Comment Period
Related Topics
Bank Secrecy Act
Digital Assets
Contact(s)
Division of Risk Management Supervision
Legal Division
CISR Policy