Federal Register #RIN 3064AG29

FDIC Proposed Rule: BSA and Sanctions Compliance for Stablecoin Issuers

This opportunity concerns a proposed regulatory rulemaking by the Federal Deposit Insurance Corporation (FDIC) for stablecoin issuers: - Government Buyer: - Federal Deposit Insurance Corporation (FDIC) - OEMs and Vendors: - FDIC is the only entity mentioned; no commercial OEMs or vendors are referenced - Products/Services Requested: - No products or services are being procured - The notice seeks public comment on a proposed regulatory framework - Notable Requirements: - Establishes Bank Secrecy Act (BSA) and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers (PPSIs) - Sets principles-based requirements for anti-money laundering and countering the financing of terrorism (AML/CFT) programs - Includes supervision and enforcement provisions, with consultation required with the Financial Crimes Enforcement Network (FinCEN) for certain actions - Requires operational, compliance, and IT risk management standards for PPSIs - Focuses on compliance, recordkeeping, and reporting obligations for affected institutions - No procurement of goods or services is involved; this is a regulatory proposal seeking public input

Description

The Federal Deposit Insurance Corporation (FDIC) proposes regulations under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) to implement Bank Secrecy Act (BSA) and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers. The proposed rule aims to establish principles-based BSA and sanctions compliance requirements tailored to the business model and risk profile of these issuers. It also includes supervision and enforcement provisions for anti-money laundering and countering the financing of terrorism (AML/CFT) programs. Comments on the proposal are due by August 4, 2026.

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