NDBA - North Dakota Bankers Association
06/03/2026 | Press release | Distributed by Public on 06/03/2026 08:34
FDIC Proposes Bank Secrecy Act, Sanctions Requirements for Stablecoin Issuers
The FDIC has proposed a new rule to establish Bank Secrecy Act and sanctions compliance standards for stablecoin issuers regulated by the agency.
The Genius Act directs federal banking agencies to implement regulations for stablecoin issuers. The FDIC previously proposed two rules to establish the process for which bank subsidiaries can apply to become issuers, and to set capital, liquidity and risk management requirements for those same issuers.
The proposed rule would require issuers 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 Financial Crimes Enforcement Network and the Office of Foreign Assets Control, according to a financial institutions letter. It would also establish supervision and enforcement provisions for 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.
To read more, visit: https://www.fdic.gov/board/bank-secrecy-act-and-sanctions-compliance-standards-fdic-supervised-permitted-payment
The Genius Act directs federal banking agencies to implement regulations for stablecoin issuers. The FDIC previously proposed two rules to establish the process for which bank subsidiaries can apply to become issuers, and to set capital, liquidity and risk management requirements for those same issuers.
The proposed rule would require issuers 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 Financial Crimes Enforcement Network and the Office of Foreign Assets Control, according to a financial institutions letter. It would also establish supervision and enforcement provisions for 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.
To read more, visit: https://www.fdic.gov/board/bank-secrecy-act-and-sanctions-compliance-standards-fdic-supervised-permitted-payment
NDBA - North Dakota Bankers Association published this content on June 03, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 03, 2026 at 14:34 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]