SEC. 4 › (a) › (5)
(5) .— Treatment under the bank secrecy act and sanctions laws
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Bill Text
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A permitted payment stablecoin issuer shall be treated as a financial institution for purposes of the Bank Secrecy Act, and as such, shall be subject to all Federal laws applicable to a financial institution located in the United States relating to economic sanctions, prevention of money laundering, customer identification, and due diligence, including—
§4(a)(5)(B)📜 Rulemaking
(B) .— Rulemaking
The Secretary of the Treasury shall adopt rules, tailored to the size and complexity of permitted payment stablecoin issuers, to implement subparagraph (A).
§4(a)(5)(C)
(C) .— Reservation of authority
Nothing in this Act shall restrict the authority of the Secretary of the Treasury to implement, administer, and enforce the provisions of.
Parent Section
SEC. 4(a) .— Standards for the Issuance of Payment St...
External Citations
- Bank Secrecy Act
Related Sections
Other sections under SEC. 4 › (a)
SEC. 4 › (a) › (1)(1) .— In generalSEC. 4 › (a) › (2)(2) .— Prohibition on rehypothecationSEC. 4 › (a) › (3)(3) .— Monthly certification; examination of re...SEC. 4 › (a) › (4)(4) .— Capital, liquidity, and risk management ...SEC. 4 › (a) › (6)(6) .— Coordination with permitted payment stab...SEC. 4 › (a) › (7)(7) .— Limitation on payment stablecoin activities