ACU Backs Stablecoin Customer ID Approach, Flags Questions For FinCEN
By CU Today Staff —
WASHINGTON--A joint proposal requiring permitted payment stablecoin issuers (PPSIs) to maintain an effective customer identification program (CIP) appropriately emphasizes a principle and risk-based approach to the requirements. In a letter submitted to the Financial Crimes Enforcement Network Friday, America’s Credit Unions outlined positive areas of the proposal while requesting clarity on others.
The proposal’s approach properly “balances innovation with effective customer identification,” with America’s Credit Unions’ letter supporting provisions:
The letter also seeks clarity in several areas, including:
Originally reported by CU Today.