FDIC Establishes Bank Secrecy Act Standards for Stablecoin Issuers

The Federal Deposit Insurance Corporation (FDIC) Board of Directors has taken another step in implementing the GENIUS Act by approving a proposed rule that would implement Bank Secrecy Act (BSA) and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers (PPSIs). The proposed rule would require these PPSIs to comply with applicable regulations regarding anti-money laundering/countering the financing of terrorism (AML/CFT) and economic sanctions programs, and to co