OCC Proposes Rules Requiring Stablecoin Issuers to Comply with Bank Secrecy Act on June 22

According to PYMNTS, on June 22, the U.S. Office of the Comptroller of the Currency (OCC) issued a proposed rule requiring payment stablecoin issuers under its supervision to comply with the Bank Secrecy Act and provisions of the GENIUS Act. The rule mandates implementation of anti-money laundering and counter-terrorism financing (AML/CFT) plans, sanctions programs, and reporting requirements from FinCEN and OFAC. The proposal also establishes an OCC AML/CFT supervision and enforcement framework for stablecoin issuers, including consultation mechanisms between OCC and FinCEN during enforcement actions.
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