OCC Proposes First Stablecoin Rules Under the GENIUS Act
The OCC proposed a regulatory framework to implement the GENIUS Act, outlining requirements for stablecoin issuers and for certain stablecoin-related custody activities.
Oversight
White House May Task Banks with Reporting Client Citizenship Data
The White House may soon call on U.S. banks to collect and report citizenship data on their customers as part of the Trump administration’s crackdown on undocumented immigrants, according to new reporting by The Wall Street Journal.
Fed Plan Would Codify Removal of ‘Reputation Risk’ from Exams
The Federal Reserve on Monday proposed a new rule that would prohibit its examiners penalizing institutions over the “reputation risk” they face from customers—a policy shift that aligns with ongoing litigation brought by President Donald Trump against JPMorgan Chase.
Austria Bars KuCoin from Taking on New Business Amid Compliance Staff Shortages
Austria’s financial regulator has ordered KuCoin’s European arm to stop taking on new business after the crypto exchange lost key compliance staff in the months following the firm getting a green light to operate under the EU’s Markets in Crypto-Assets (MiCA) regime.
Swedbank Faces Fresh Investigation Over AML Controls
Sweden’s Financial Supervisory Authority (FSA) has launched an investigation into whether Swedbank is complying with the country’s anti-money-laundering (AML) rules on customer due diligence.
Lawmakers Question Bowman on Fed Reforms
A group of six Senate Democrats is demanding that the Federal Reserve turn over information about the ongoing overhaul of its bank supervision division following reports of internal tension linked to staff cuts and the alleged sidelining of examiners.
U.S. Oversight of MSBs is Weakest in Years as Crypto Usage Surges
Cryptocurrency usage is surging in the United States. You wouldn’t know that from the number of federal examiners tasked with supervising the industry for anti-money-laundering (AML) compliance though.
Hurley Set to Exit Treasury Amid Dispute over Sanctions Policy
The top Trump administration official leading U.S. sanctions policy and the nation’s financial intelligence unit is set to exit the role amid friction with his boss, Treasury Secretary Scott Bessent.
Louis Vuitton Pays €500,000 for AML Failings
Louis Vuitton’s Netherlands unit has agreed to pay a €500,000 settlement after Dutch authorities concluded the company failed to adequately vet customers who repeatedly made large cash purchases over a prolonged period.
FinCEN Launches New Whistleblower Portal
The Financial Crimes Enforcement Network (FinCEN) has launched a dedicated portal to accept whistleblower tips on money laundering, fraud, and sanctions violations, the U.S. Treasury Department announced on Friday.