Original sourceMondaqAdditional: JDSupra
Summary
The Office of the Comptroller of the Currency (OCC), along with the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC), jointly issued a proposed rule on June 24 imposing BSA/AML/CFT and sanctions compliance requirements on 'Permitted Payment Stablecoin Is…
Key points
- For stablecoin issuers and related financial institutions, understanding the upcoming compliance requirements is crucial.
- This rule will impose stricter anti-money laundering and sanctions compliance obligations on stablecoin issuers, affecting operational costs and market dynamics.
- Stablecoin issuers need to strengthen AML/CFT infrastructure or they may not be able to operate in the U.S. market.
Editorial note
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