The FDIC has published a proposed rulemaking to implement Bank Secrecy Act and sanctions compliance standards for permitted payment stablecoin issuers under the GENIUS Act.
The rule is relatively brief. The FDIC already published the bulk of its stablecoin rulemaking in April, covering prudential requirements including reserves, redemption and capital. FinCEN and OFAC published their own proposed rules in April addressing AML, sanctions and customer identification requirements for stablecoin issuers. This latest FDIC proposal essentially cross-references those FinCEN and OFAC requirements rather than establishing a separate compliance regime.
Where the rule adds substance is in supervision and enforcement. It establishes a consultation mechanism requiring the FDIC to give FinCEN’s Director 30 days’ notice before taking enforcement or significant supervisory action against a stablecoin issuer, and to consider FinCEN’s input. This is a departure from how BSA supervision works for banks, where the FDIC acts as both prudential regulator and BSA enforcer. For stablecoin issuers, the GENIUS Act gives Treasury, through FinCEN, a more active oversight role.
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