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.

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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.