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Permitted Payment Stablecoin Issuer Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance Risk Management
Plain English Summary
The Office of the Comptroller of the Currency (OCC) is planning to introduce new rules for companies that issue stablecoins, which are a type of digital currency. These rules will ensure that these companies follow important laws to prevent money laundering and comply with sanctions. This change affects all stablecoin issuers under the OCC's supervision. Insurance agents should stay informed about these developments, as they may impact financial transactions and compliance requirements in the industry.
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The Office of the Comptroller of the Currency (OCC), in coordination with the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC), proposes to issue regulations to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act's requirement to issue regulations implementing appropriate Bank Secrecy Act (BSA) and sanctions compliance standards for permitted payment stablecoin issuers subject to the OCC's jurisdiction.