GENIUS Act: Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance: Notice of Proposed Rulemaking

Summary

The Office of the Comptroller of the Currency (OCC) is issuing a notice of proposed rulemaking to implement Bank Secrecy Act (BSA) and sanctions compliance standards applicable to OCC-supervised permitted payment stablecoin issuers (PPSI), as required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).

Comments on the proposed rule will be accepted for 30 days after publication in the Federal Register.

Highlights

The proposed rule would

• require OCC-supervised PPSIs to comply with the BSA, sections 4(a)(5) and 4(a)(6)(B) of the GENIUS Act, and applicable regulations issued by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control, including any anti-money laundering and countering the financing of terrorism (AML/CFT) program, sanctions program, and reporting requirements.
• create a supervision and enforcement framework for OCC-supervised PPSIs’ AML/CFT programs.
• establish a framework for consultation between the OCC and FinCEN when the OCC intends to initiate an AML/CFT enforcement action or a significant AML/CFT supervisory action.
• permit PPSIs to share with the FinCEN Director certain nonpublic OCC information relating to an existing or potential AML/CFT enforcement action or significant AML/CFT supervisory action.

The OCC seeks comment on all provisions of the proposed rule and aspects of the proposed regulatory framework.

Further Information

Please contact Ji Cheon, Assistant Director; Henry Barkhausen, Counsel; or Melissa Lisenbee, Counsel, Chief Counsel’s Office, at (202) 649-5490.

Adam J. Cohen
Senior Deputy Comptroller and Chief Counsel

Related Link

• Permitted Payment Stablecoin Issuer Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance Risk Management (PDF)