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ARTICLE · 29 JUNE 2026

Customer Identification Requirements Proposed For Payment Stablecoin Issuers

K&L Gates
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On 22 June 2026, the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a proposed rule to impose customer identification procedures (CIP) requirements on permitted payment stablecoin issuers (PPSI) (the Proposal).

United StatesTechnology
John ReVeal
John ReVeal
Jeremy M. McLaughlin
Jeremy M. McLaughlin

On 22 June 2026, the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a proposed rule to impose customer identification procedures (CIP) requirements on permitted payment stablecoin issuers (PPSI) (the Proposal). Prospective PPSIs and their partners will want to review the proposed scope of the CIP obligations and consider whether to submit comments to FinCEN. Comments on the Proposal must be submitted by 21 August 2026.

The proposed CIP requirements for PPSIs are generally comparable to the CIP requirements for banks and certain other financial institutions, requiring the collection of the same minimum information about each customer. However, FinCEN attempted to take into consideration the unique circumstances of PPSIs, including the types of accounts PPSIs may maintain, their various methods of opening accounts, and the types of customer identifying information available to PPSIs. Under the Proposal, a PPSI’s CIP obligations would apply only

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