RIADeFiPublished by Ketju Research
Regulation · Proposal · not in effect

FinCEN and OFAC propose GENIUS Act AML and sanctions programs for stablecoin issuers

Regulation · · Ketju Research

Treasury Department · Foreign Assets Control Office · Financial Crimes Enforcement Network

This entry records a proposal. It does not change the law unless it is adopted.

What changed

FinCEN and OFAC jointly proposed treating permitted payment stablecoin issuers as financial institutions under the BSA and requiring risk-based AML/CFT and sanctions compliance programs.

Who it affects

  • Permitted payment stablecoin issuers and advisers diligencing issuers or stablecoins

What is still open

  • The final program standards, effective date, and interaction with prudential-regulator rules

What it means for an advisor

  • Add the proposal to issuer and stablecoin due-diligence frameworks, but distinguish it from current obligations.

Sources

  1. Permitted Payment Stablecoin Issuer Anti-Money Laundering/Countering the Financing of Terrorism Program and Sanctions Compliance Program Requirements · Treasury Department; Foreign Assets Control Office; Financial Crimes Enforcement Network ·

Version 1, published . Educational analysis, not legal advice.