Deep Tide TechFlow News, May 23 — According to ABA Banking Journal, the Federal Deposit Insurance Corporation (FDIC) proposed new regulations on May 22 to establish the "Bank Secrecy Act" and sanctions compliance standards for stablecoin issuers it supervises. Under the proposal, relevant issuers must comply with applicable anti-money laundering / counter-terrorism financing, economic sanctions, and reporting requirements, including regulations issued by FinCEN and OFAC. The rule will also establish supervision and enforcement provisions aligned with FinCEN requirements for AML / CFT projects. The public comment period is 60 days after the proposal is published in the Federal Register.

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