Permitted Payment Stablecoin Issuer Customer Identification Program

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the “Agencies”), are jointly issuing a notice of proposed rulemaking to implement the GENIUS Act’s directives to treat permitted payment stablecoin issuers (PPSIs) as financial institutions under the Bank Secrecy Act (BSA) by requiring PPSIs to maintain an effective customer identification program (CIP).