US Treasury proposes a rule to subject permitted payment stablecoin issuers to Bank Secrecy Act AML/CFT and sanctions obligations, bringing them within the core U.S. financial crime regulatory framework

The proposal requires issuers to implement risk-based AML/CFT programmes, including customer due diligence, suspicious activity reporting, independent testing, and designated compliance officers. It also mandates comprehensive sanctions compliance capabilities—such as the ability to block or freeze transactions—while tailoring requirements to the size and complexity of stablecoin business models.