Regulatory Alerts2026-06-18 | PDF OnlyAdded · Updated
Proposed Rule to Implement GENIUS Act Customer Identification Program Requirements
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network, together with the OCC, Board of Governors of the Federal Reserve System, FDIC, and NCUA, issued a joint proposed rule requiring permitted payment stablecoin issuers to establish and maintain a written customer identification program. The rule mandates that issuers obtain specific customer information, including name, date of birth or formation, address, and identification number, and implement risk-based procedures to verify identity and compare customers against government terrorist lists. It also requires procedures for handling verification failures, maintaining records, providing customer notice, and potentially relying on other federally regulated financial institutions. Public comments on the proposal must be received by August 21st.