OCC proposes AML and sanctions rules for U.S. stablecoin issuers
The Office of the Comptroller of the Currency is moving to set anti-money laundering, countering the financing of terrorism and sanctions compliance standards for payment stablecoin issuers it supervises. The proposal follows requirements in the GENIUS Act and opens a 30-day comment period after publication in the Federal Register.
Highlights
- OCC proposes a rule requiring its supervised stablecoin issuers to implement Bank Secrecy Act, GENIUS Act, and OFAC compliance, including AML/CFT programs and reporting.
- The draft establishes a joint enforcement process between the OCC and FinCEN for AML/CFT supervisory actions at federal and state qualified payment stablecoin issuers.
- Issuers may share certain nonpublic OCC information with FinCEN in relation to AML/CFT actions, with the OCC seeking comment on expanded regulatory oversight for stablecoins.
Proposed framework for supervised issuers
As reported by the Office of the Comptroller of the Currency, the proposed rule is designed to implement Bank Secrecy Act and sanctions compliance standards for OCC-supervised permitted payment stablecoin issuers.The rule would apply to federal qualified payment stablecoin issuers and to state qualified payment stablecoin issuers where the OCC has regulatory or enforcement authority under the GENIUS Act.
Under the proposal, OCC-supervised issuers would be required 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 and the Office of Foreign Assets Control. That includes any AML/CFT program, sanctions program and reporting requirements tied to those standards.
Regulatory coordination and sector impact
The proposal also sets out a supervision and enforcement framework for AML/CFT programs at OCC-supervised stablecoin issuers. It establishes a process for consultation between the OCC and FinCEN when the OCC intends to begin an AML/CFT enforcement action or a significant AML/CFT supervisory action.The draft rule would also allow issuers to share certain nonpublic OCC information with the FinCEN director when that information relates to an existing or potential AML/CFT enforcement action or significant supervisory action. The OCC says it is seeking comment on all provisions of the proposal and on the broader regulatory framework, signaling closer compliance oversight for the U.S. stablecoin sector.
Our earlier article on Intercontinental Exchange and OKX’s joint venture highlighted how traditional market infrastructure players are expanding into regulated digital-asset products, including tokenised assets, derivatives, and 24/7 trading. We also noted the venture’s stated plans to pursue U.S. regulatory licences, underscoring the broader push to align crypto activity with stricter compliance and oversight.
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