"The joint Notice of Proposed Rulemaking from the Financial Crimes Enforcement Network and the Office of Foreign Assets Control implements key provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, signed into law on July 18, 2025. This proposal formally classifies permitted payment stablecoin issuers as financial institutions subject to the Bank Secrecy Act."
"Under the proposed rule, permitted payment stablecoin issuers must establish a written, board-approved AML/CFT program. This program must include a risk assessment process, internal controls, independent testing, ongoing employee training, and a U.S.-based compliance officer."
"The GENIUS Act restricts issuance of payment stablecoins to federally or state-supervised entities and directs the Treasury to tailor compliance obligations to the size and risk profile of each issuer. Individuals with felony convictions related to financial crimes are barred from holding the compliance officer role."
On April 8, 2026, the U.S. Department of the Treasury proposed new regulations for permitted payment stablecoin issuers, mandating compliance with federal anti-money laundering and sanctions laws. The joint Notice of Proposed Rulemaking from FinCEN and OFAC classifies these issuers as financial institutions under the Bank Secrecy Act. The GENIUS Act, enacted in July 2025, establishes a federal framework for payment stablecoins, requiring issuers to implement AML/CFT programs, including risk assessments and compliance officers, while barring individuals with felony financial crime convictions from these roles.
Read at news.bitcoin.com
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