NPRM: Permitted Payment Stablecoin Issuer Customer Identification Program (91 FR 37234) (Part 4 of 4)
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Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
the permitted payment
individual (such as a corporation, any amendments thereto showing the stablecoin issuer should not open an
partnership, or trust), a principal place existence of the entity, such as certified account;
of business, local office, or other articles of incorporation, a government- (B) The terms under which a customer
physical location; and issued business license, a partnership may use an account while the permitted
(4) Identification number, which shall agreement, or a trust instrument. payment stablecoin issuer attempts to
be: (B) Verification through non- verify the customer’s identity;
(i) For a U.S. person, a taxpayer documentary methods. For a permitted (C) When the permitted payment
identification number; or payment stablecoin issuer relying on stablecoin issuer should close an
(ii) For a non-U.S. person, one or more non-documentary methods, the CIP account after attempts to verify a
of the following: a taxpayer must contain procedures that set forth customer’s identity fail; and
identification number; passport number the non-documentary methods the (D) When the permitted payment
and country of issuance; alien permitted payment stablecoin issuer stablecoin issuer should file a
identification card number; or number will use. Suspicious Activity Report in
and country of issuance of any other (1) These methods may include accordance with applicable law and
government-issued document contacting a customer; independently regulation.
evidencing nationality or residence and verifying the customer’s identity (3) Recordkeeping. The CIP must
bearing a photograph or similar through the comparison of information include procedures for making and
safeguard; or provided with respect to the customer maintaining a record of all information
(iii) For a non-U.S. person that is not with information obtained from a obtained under procedures
an individual and that does not have an consumer reporting agency, public implementing this paragraph (a).
identification number, the permitted database, or other source; checking (i) Required records. At a minimum,
payment stablecoin issuer must request references with other financial the record must include:
alternative government-issued institutions; or obtaining a financial (A) All identifying information about
documentation certifying the existence statement. a customer obtained under paragraph
of the person. (2) The permitted payment stablecoin (a)(2)(i) of this section;
(B) Exception for persons applying for issuer’s non-documentary procedures (B) A description of any document
a taxpayer identification number. must address situations where an that was relied on under paragraph
Instead of obtaining a taxpayer individual is unable to present an (a)(2)(ii)(A) of this section, noting the
identification number from a customer unexpired government-issued type of document, any identification
prior to opening an account, the CIP identification document that bears a number contained in the document, the
may include procedures for opening an photograph or similar safeguard; the place of issuance, and if any, the date
account for a person that has applied permitted payment stablecoin issuer is of issuance and expiration date;
for, but has not received, a taxpayer not familiar with the documents (C) A description of the methods and
identification number. In this case, the presented; the account is opened results of any measures undertaken to
CIP must include procedures to confirm without obtaining documents; the verify the identity of a customer under
that the application was filed before the customer opens the account without paragraphs (a)(2)(ii)(B) and (C) of this
person opens the account and to obtain meeting in person; and the permitted section; and
the taxpayer identification number payment stablecoin issuer is otherwise (D) A description of the resolution of
within a reasonable period of time after presented with circumstances that each substantive discrepancy
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the account is opened. increase the risk that the permitted discovered when verifying the
(ii) Customer verification. The CIP payment stablecoin issuer will be identifying information obtained.
must contain procedures for verifying unable to verify the true identity of a (ii) Retention of records. The
the identity of each customer, using customer through documents. permitted payment stablecoin issuer
information obtained in accordance (C) Additional verification for certain must retain the records made under
with paragraph (a)(2)(i) of this section, customers. The CIP must address paragraph (a)(3)(i)(A) of this section for
within a reasonable time before or after situations where, based on the five years after the date the account is
the customer’s account is opened. The permitted payment stablecoin issuer’s closed and the records made under
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37272 Federal Register / Vol. 91, No. 118 / Monday, June 22, 2026 / Proposed Rules
paragraphs (a)(3)(i)(B) through (D) of Federal law requires all financial institutions any type of account from the
this section for five years after the to obtain, verify, and record information that requirements of this section. The
record is made. identifies each natural or legal person who Secretary, with the concurrence of the
(4) Comparison with Government opens an account, which may be an
individual or a person other than an Federal functional regulator, may
lists. The CIP must include reasonable individual (such as a corporation, exempt any permitted payment
procedures for determining whether a partnership, or trust). stablecoin issuer or any type of account
customer appears on any list of known What this means for you: When you open from the requirements of this section. In
or suspected terrorists or terrorist an account, we will ask for the name, issuing such exemptions, the Federal
organizations issued by any Federal address, date of birth or formation, tax functional regulator and the Secretary
Government agency and designated as identification number, and other information shall consider whether the exemption is
such by Treasury in consultation with pertaining to the accountholder. This
information will help us verify the identity
consistent with the purposes of the
the primary Federal payment stablecoin Bank Secrecy Act and with safety and
of the accountholder. We may also ask to see
regulators. The procedures must require identifying documents pertaining to the soundness, in the public interest, and
the permitted payment stablecoin issuer accountholder, such as a driver’s license (if may consider other necessary and
to make such a determination within a you are an individual) or a business license, appropriate factors.
reasonable period of time after the articles of incorporation, or trust instrument
account is opened, or earlier if required (if the accountholder is not an individual). (c) Other requirements unaffected.
by another Federal law or regulation or Nothing in this section relieves a
(6) Reliance on another financial permitted payment stablecoin issuer of
Federal directive issued in connection institution. The CIP may include
with the applicable list. The procedures its obligation to comply with any other
procedures specifying when the provision of this chapter, including
must also require the permitted permitted payment stablecoin issuer
payment stablecoin issuer to follow all provisions concerning information that
will rely on the performance by another must be obtained, verified, or
Federal directives issued in connection financial institution (including an
with such lists. maintained in connection with any
affiliate) of any procedures of the account or transaction, or its obligations
(5) Notice—(i) Customer notice. The permitted payment stablecoin issuer’s
CIP must include procedures for with respect to complying with the
CIP, with respect to any customer of the terms of any lawful order as set forth in
providing customers with adequate permitted payment stablecoin issuer
notice that the permitted payment this chapter.
that is opening, or has opened, an
stablecoin issuer is requesting account or has established an account or Andrea M. Gacki,
information to verify their identities. similar business relationship with the
(ii) Adequate notice. Notice is Director, Financial Crimes Enforcement
other financial institution to provide or Network.
adequate if the permitted payment engage in services, dealings, or other
stablecoin issuer generally describes the Jointly issued by:
financial transactions, provided that:
identification requirements of this Office of the Comptroller of the Currency.
(i) Such reliance is reasonable under
section and provides such notice in a the circumstances; Jonathan V. Gould,
manner reasonably designed to ensure (ii) The other financial institution is Comptroller of the Currency.
that a prospective customer is able to subject to a rule implementing 31 U.S.C.
view the notice, or is otherwise given By order of the Board of Governors of the
5318(h) or 12 U.S.C. 5903(a)(5)(A) and
notice, before opening an account. For Federal Reserve System.
is regulated by a Federal functional
example, depending upon the manner regulator; and Benjamin McDonough,
in which the account is opened, a (iii) The other financial institution Secretary of the Board.
permitted payment stablecoin issuer enters into a contract with the permitted
may post a notice on its website, payment stablecoin issuer requiring it to Federal Deposit Insurance Corporation.
include the notice in its account certify annually to the permitted By order of the Board of Directors.
applications, or use any other form of payment stablecoin issuer that it has Dated at Washington, DC, on May 13, 2026.
oral or written notice. implemented its AML/CFT program, Jennifer M. Jones,
(iii) Sample notice. If appropriate, a and that it will perform (or its agent will Deputy Executive Secretary.
permitted payment stablecoin issuer perform) specified requirements of the
may use the following sample language By the National Credit Union
permitted payment stablecoin issuer’s Administration Board, this 12th day of May
to provide notice to its customers: CIP. 2026.
IMPORTANT INFORMATION ABOUT (b) Exemptions. The appropriate
Melane Conyers-Ausbrooks,
PROCEDURES FOR OPENING A NEW Federal functional regulator, with the
ACCOUNT concurrence of the Secretary, may, by Secretary of the Board.
To help the government fight the funding order or regulation, exempt any [FR Doc. 2026–12460 Filed 6–18–26; 8:45 am]
of terrorism and money laundering activities, permitted payment stablecoin issuer or BILLING CODE 4810–02–P
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