meta_id 3180272

On May 22, 2026, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking that would establish Bank Secrecy Act (BSA) and sanctions compliance standards for FDIC‑supervised permitted payment stablecoin issuers (PPSIs), as required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Specifically, the proposed rule would require FDIC-supervised PPSIs to comply with applicable regulations regarding anti-money laundering/countering the financing of terrorism (AML/CFT) and economic sanctions programs, and reporting requirements, including requirements established by the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control. ​The proposed rule would also establish and align supervision and enforcement provisions for PPSI AML/CFT programs with FinCEN requirements. Key provisions of the proposed rule include: BSA and sanctions compliance obligations: PPSIs would be required to comply with all applicable AML/CFT regulations, economic sanctions programs, and reporting requirements under 31 CFR Chapters V and X (OFAC and FinCEN), as well as customer identification program (CIP) requirements to be jointly proposed by FinCEN and the primary federal payment stablecoin regulators. AML/CFT supervision and enforcement framework: The rule would define key terms such as “AML/CFT enforcement action” (e.g., cease‑and‑desist orders, civil money penalties) and “significant AML/CFT supervisory action” (formal determinations identifying deficiencies requiring remediation). A PPSI with an effective AML/CFT program generally would not face enforcement or significant supervisory action for program deficiencies, except in cases of significant or systemic failure to implement an effective program. FinCEN consultation requirement: Before initiating an AML/CFT enforcement action or significant supervisory action, the FDIC would be required to provide FinCEN with at least 30 days’ notice (unless a shorter period is necessary to address unsafe conditions) and share relevant AML/CFT information, such as draft examination reports and workpapers. The FDIC would consider FinCEN’s input on the effectiveness of the PPSI’s AML/CFT program. Disclosure of supervisory information to FinCEN: The FDIC proposes two options to permit PPSIs to share non‑public supervisory information with FinCEN without waiving applicable privileges (e.g., bank examination privilege, attorney‑client privilege). Both options would authorize disclosure on behalf of the FDIC and limit use of the information to FinCEN’s Director. Comments are due 60 days after publication in the Federal Register.