(a) A permitted payment stablecoin issuer licensed under § 3511 of this title is a financial institution for purposes of the Bank Secrecy Act and shall comply with all applicable requirements thereunder, including any tailored rules promulgated by the Financial Crimes Enforcement Network applicable to payment stablecoin issuers.

(b) Each permitted payment stablecoin issuer licensed under § 3511 of this title shall establish, implement, and maintain a written anti-money laundering and countering the financing of terrorism program that does all of the following:

(1) Establishes internal policies, procedures, and controls reasonably designed to prevent the issuer from being used to facilitate money laundering or terrorist financing.

(2) Designates a compliance officer responsible for the program’s day-to-day operations.

(3) Provides for ongoing employee training.

(4) Provides for independent testing of the program.

(5) Implements a risk-based customer identification program that identifies and verifies the identity of each initial holder of a payment stablecoin at the time of issuance.

(6) Implements a customer due diligence program consistent with applicable federal requirements.

(7) Maintains appropriate records of transactions involving payment stablecoins as required by the Bank Secrecy Act and regulations thereunder.

(8) Monitors for and reports suspicious activity to the Financial Crimes Enforcement Network and, to the extent required by applicable law, to the Commissioner.

(9) Maintains the technological capability and internal processes to block, freeze, and reject transactions that violate applicable sanctions laws or lawful orders.

(10) Certifies to the Commissioner annually that the issuer has implemented an effective AML and sanctions compliance program.

(c) The Commissioner shall promulgate regulations establishing the form and content of the annual AML certification required by paragraph (b)(10) of this section and may adopt by reference any rules promulgated by the Financial Crimes Enforcement Network applicable to payment stablecoin issuers.

85 Del. Laws, c. 339, § 1; 

(a) A permitted payment stablecoin issuer shall maintain the technological capability to comply with any lawful order requiring the issuer to seize, freeze, burn, or prevent the transfer of payment stablecoins.

(b) Upon receipt of a lawful order from a court of competent jurisdiction or from a Delaware or federal governmental authority, a permitted payment stablecoin issuer shall take all actions required by the lawful order, including freezing or burning the specified payment stablecoins, within the time specified in the order.

(c) A permitted payment stablecoin issuer shall comply with all applicable requirements of the Office of Foreign Assets Control of the United States Department of the Treasury.

(d) The Commissioner shall promulgate regulations establishing minimum technological and operational standards for compliance with this section.

85 Del. Laws, c. 339, § 1;