(A) .— In general
Bill Text
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—
(i)
maintenance of an effective anti-money laundering program, which shall include appropriate risk assessments and designation of an officer to supervise the program;
(ii)
retention of appropriate records;
(iii)
monitoring and reporting of any suspicious transaction relevant to a possible violation of law or regulation;
(iv)
technical capabilities, policies, and procedures to block, freeze, and reject specific or impermissible transactions that violate Federal or State laws, rules, or regulations;
(v)
maintenance of an effective customer identification program, including identification and verification of account holders with the permitted payment stablecoin issuer, high-value transactions, and appropriate enhanced due diligence; and
(vi)
maintenance of an effective economic sanctions compliance program, including verification of sanctions lists, consistent with Federal law.
Parent Section
SEC. 4(5) .— Treatment under the bank secrecy act and...
External Citations
- Bank Secrecy Act
Related Sections
Other sections under SEC. 4 › (a) › (5)