On June 18, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced that it issued a joint proposed rule with the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to implement a Guiding and Establishing National Innovation for U.S. Stablecoins Act (“GENIUS Act”) requirement for permitted payment stablecoin issuers (“PPSI”) to maintain an effective customer identification program (“CPI”). The rule would require each PPSI to establish and maintain a written CIP that is appropriate for its size and business as part of the of its anti-money laundering and countering-the-financing-of-terrorism program. The proposal builds upon a separate FinCEN proposed rule, issued in April 2026, that would implement additional anti-money-laundering obligations for PPSIs under the GENIUS Act.
The proposed rule would require PPSIs to utilize risk-based procedures to verify each customer’s identity, obtain specified customer information before account opening, verify new customers within a reasonable time, maintain records, check customers against designated government lists, and provide customers with notice that identity-verification information is being requested. It would also require PPSIs to establish CIPs that include procedures for situations in which the issuer cannot form a reasonable belief that it knows a customer’s true identity, including when accounts should not be opened, when accounts should be limited or closed, and when Suspicious Activity Reports should be filed. The proposed rule would also allow for the exemption of any PPSI or any type of account from the CIP requirements with the approval of a Federal function regulator and concurrence from the Secretary of the Treasury. FinCEN requests that public comments on the proposed rule be submitted by mail or electronically by August 21, 2026.
FinCEN News Release | Fact Sheet – Proposed Rule to Implement GENIUS Act CIP Requirements