Per Woofun AI

The Office of the Comptroller of the Currency (OCC) released a proposed rule on June 22, mandating that payment stablecoin issuers (PPSI) under its jurisdiction adhere to the Bank Secrecy Act and the GENIUS Act. This regulatory move requires PPSI to implement robust anti-money laundering and combating the financing of terrorism (AML/CFT) programs, alongside sanctions compliance and reporting obligations dictated by FinCEN and OFAC.

The proposal establishes a distinct AML/CFT oversight and enforcement framework for PPSI, while also delineating the consultation protocol between the OCC and FinCEN during enforcement proceedings. This development follows earlier public comment solicitations by the OCC, in coordination with the Federal Reserve, FDIC, and NCUA, concerning customer identification program requirements for stablecoin issuers.