TechFlow News: On June 23, according to PYMNTS, the U.S. Office of the Comptroller of the Currency (OCC) issued a proposed rulemaking on June 22 requiring payment stablecoin issuers (PPSIs) under its supervision to comply with provisions of the Bank Secrecy Act (BSA) and the GENIUS Act, and mandating implementation of anti-money laundering/combating the financing of terrorism (AML/CFT) programs, sanctions compliance programs, and reporting requirements administered by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). The rule will also establish an OCC supervisory and enforcement framework for PPSIs’ AML/CFT obligations and clarify coordination mechanisms between the OCC and FinCEN regarding enforcement actions. Previously, the OCC had jointly solicited public comments with the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA) on proposals requiring stablecoin issuers to implement customer identification programs.
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