FinCEN and U.S. regulators propose a rule under the GENIUS Act establishing a Customer Identification Program (CIP) for permitted payment stablecoin issuers, requiring bank-like KYC standards under the BSA

The proposed rule would require permitted payment stablecoin issuers to establish written Customer Identification Programs that collect and verify identifying information, maintain records, and check customers against government lists. It forms part of wider GENIUS...

FinCEN alerts FIs that the IRGC exploits illicit oil trade, shell companies, shadow fleets, and crypto channels to launder funds and evade sanctions, urging heightened vigilance in detection and reporting

The alert outlines typologies linked to illicit Iranian oil sales, including ship-to-ship transfers, falsified shipping documentation, exchange house networks, shell companies, and the use of digital assets and stablecoins to move funds across jurisdictions. FinCEN...