U.S. FinCEN to Impose Financial Institution-Level AML Duties on Stablecoin Issuers

Mandatory AML and Sanctions Compliance

The Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) of the U.S. Treasury announced on the 8th a joint rule proposal for stablecoins aimed at combating illicit financial flows. This proposal sets forth requirements for anti-money laundering and sanctions compliance programs based on the recently enacted 'GENIUS Act'...