Wolfsberg Group Guidance on the Provision of Banking Services to Fiat-backed Stablecoin issuers

The increased adoption of fiat-backed stablecoins represents a new financial crime risk management challenge to financial institutions (FIs). Stablecoin features offer significant legitimate benefits for individuals and businesses worldwide, however these same attributes of price stability, global reach, pseudonymity, and rapid settlement also make them attractive to illicit actors, allowing them to access major currency denominated value without engaging traditional payment rails, including in sanctioned jurisdictions.