TechFlow reports that on May 23, according to the ABA Banking Journal, the U.S. Federal Deposit Insurance Corporation (FDIC) proposed new regulations on May 22 to establish Bank Secrecy Act (BSA) and sanctions compliance standards for stablecoin issuers under its supervision. Under the proposal, such issuers would be required to comply with applicable anti-money laundering (AML) / countering the financing of terrorism (CFT), economic sanctions, and reporting requirements—including those issued by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). The rule would also establish supervisory and enforcement provisions for AML/CFT programs consistent with FinCEN’s requirements. The public comment period will last 60 days following publication of the proposal in the Federal Register.
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