Treasury proposes anti-money laundering, countering the financing of terrorism, and sanctions compliance rules for stablecoin issuers under the GENIUS Act

The Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) within the United States Department of the Treasury (Treasury) published a joint notice of proposed rulemaking (PPSI NPRM) that would implement the anti-money laundering (AML), countering the financing of terrorism (CFT), and sanctions compliance provisions of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).... By: DLA Piper