Regulatory Alerts2026-06-18
Added · Updated
Joint Proposed Rule on Permitted Payment Stablecoin Issuer Customer Identification Program
FinCEN, the OCC, the Federal Reserve Board, the FDIC, and the NCUA jointly issued a proposed rule to implement the GENIUS Act by treating permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act. The rule requires these issuers to maintain an effective customer identification program that includes procedures for verifying the identity of account holders. This regulatory action establishes uniform anti-money laundering and customer due diligence standards for stablecoin issuers supervised by the participating federal agencies.