US OCC proposes applying Bank Secrecy Act to stablecoin issuers

The U.S. Office of the Comptroller of the Currency (OCC) has proposed a new rule that would apply the Bank Secrecy Act and the GENIUS Act to stablecoin issuers, PYMNTS reported. The proposal would require these firms to establish Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs. Additionally, they would need to comply with reporting requirements from the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC).