Genius Act requires stablecoin issuers to must comply with anti-money laundering (AML) standards, including customer due diligence and suspicious activity reporting

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Issuers must implement Bank Secrecy Act compliance programs, conduct customer due diligence, and file suspicious activity reports.

While earlier versions of the bill did have provisions related to enhanced know your customer (KYC) and anti money laundering (AML) requirements, the updated version of the bill explicitly designates stablecoin issuers as financial institutions for AML purposes requiring them to establish compliance programs and conduct due diligence on high-value transactions.

Democrats had cited concerns over provisions related to foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins, and Trump’s deepening ties to crypto ventures, including one that recently launched a stablecoin