The proposed rules would require PPSIs to comply with AML/CFT and economic sanctions regulations and reporting requirements established by FinCEN and OFAC, integrating these standards into their operations.

FDIC-proposed rules would implement Bank Secrecy Act and sanctions standards for FDIC-supervised permitted payment stablecoin issuers under the GENIUS Act, aligning supervision with established AML/CFT norms.

The rules seek to align PPSI AML/CFT programs with FinCEN requirements and would require the FDIC to consult with FinCEN before certain enforcement actions.

Comments on the proposed rule are due 60 days after it is published in the Federal Register, giving a defined window for stakeholder input.

The FDIC argues the rules would benefit PPSIs, their customers, and the public by reducing harm from sanctioned or criminal actors using digital assets.