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 Act implementation for payment stablecoins, alongside separate AML/CFT and sanctions compliance proposals, with the agencies seeking public comment before finalising…