OFFICE OF FOREIGN ASSETS CONTROL ISSUES PROPOSED RULE: PERMITTED PAYMENT STABLECOIN ISSUER ANTI-MONEY LAUNDERING/COUNTERING THE FINANCING OF TERRORISM PROGRAM AND SANCTIONS COMPLIANCE PROGRAM REQUIREMENTS

WASHINGTON, April 10 -- Office of Foreign Assets Control has issued a proposed rule called: Permitted Payment Stablecoin Issuer Anti-Money Laundering/Countering the Financing of Terrorism Program and Sanctions Compliance Program Requirements.

The proposed rule was published in the Federal Register on April 10 by Andrea M. Gacki, Director, Financial Crimes Enforcement Network.

Summary: The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) are jointly issuing this proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Specifically, it implements the GENIUS Act's directive to treat permitted payment s...