Regulatory Alerts2026-06-18
Permitted Payment Stablecoin Issuer Customer Identification Program
FinCEN, the OCC, the Federal Reserve, the FDIC, and the NCUA jointly proposed a rule to implement the GENIUS Act by treating permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act. The regulation requires these issuers to maintain an effective customer identification program that includes verifying the identity of account holders. This action establishes specific minimum standards for identity verification and record-keeping to combat money laundering and terrorist financing within the stablecoin sector.
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