FinCEN and OFAC published a joint proposed rule requiring stablecoin issuers to comply with U.S. anti-money laundering and sanctions laws.
Two agencies, one proposal. A joint FinCEN-OFAC rulemaking means stablecoin issuers face both regulatory frameworks under a single Treasury action.
FinCEN and OFAC each maintain separate enforcement programs. The joint proposal combines them: AML compliance and sanctions screening in a single rulemaking for the stablecoin sector.
The joint filing is Treasury’s signal. Treasury isn’t treating stablecoin AML and sanctions risk as separate problems for different bureaus on different timelines. Under a joint rule, FinCEN’s AML requirements and OFAC’s sanctions framework apply simultaneously to every U.S. stablecoin issuer.
Compliance officers at every U.S. stablecoin issuer are now reviewing two sets of agency requirements in the same document. That’s FinCEN and OFAC on a single signature line.
— Marcus Webb