[US FDIC Proposes Applying Bank Secrecy Act and Sanctions Compliance Requirements to Stablecoin Issuers] BlockBeats News, May 23 – The U.S. Federal Deposit Insurance Corporation (FDIC) announced a new proposal to establish Bank Secrecy Act (BSA) and sanctions compliance standards for stablecoin issuers under its supervision. According to the requirements of the GENIUS Act, U.S. federal banking regulators must develop a regulatory framework for stablecoin issuers. Previously, the FDIC had proposed two rules, one addressing the process for bank subsidiaries to apply to become stablecoin issuers, and the other covering capital, liquidity, and risk management requirements. The latest proposal further requires stablecoin issuers to comply with anti-money laundering/combating the financing of terrorism (AML/CFT), economic sanctions, and related reporting obligations, including regulations set by the U.S. Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). Additionally, the FDIC plans to establish a supervision and enforcement mechanism for AML/CFT programs. The proposal will be open for a 60-day public comment period following its publication in the Federal Register. [Original Link]