The Financial Crimes Enforcement Network, together with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the National Credit Union Administration, has issued a joint proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act. The proposal would treat permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and require them to maintain effective customer identification programs. The agencies said the proposal is intended to create a tailored regime for permitted payment stablecoin issuers that addresses potential illicit finance risks while protecting the U.S. financial system and national security interests. In a separate rulemaking, FinCEN also proposed a rule to implement the GENIUS Act’s directive to apply other anti-money laundering obligations to permitted payment stablecoin issuers. The proposal will be published in the Federal Register, and FinCEN is seeking public comment.
Financial Crimes Enforcement Network2026-06-18
Financial Crimes Enforcement Network and U.S. banking agencies propose customer identification rules for stablecoin issuers under the GENIUS Act
FinCEN and U.S. banking agencies have proposed rules under the GENIUS Act that would treat permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and require customer identification programs. FinCEN also launched a separate rulemaking to apply other anti-money laundering obligations to those issuers. Public comment is being invited.