A few banks in the past have already been fined for deficiencies in adherence to KYC/AML norms and with our commitment to comply with the FATF norms; I can only forewarn you that the frequency and severity of such penalties would rise in future.
4 It is also important to address settlement risk, whereby funds settlement is not certain and final when expected, and systemic risk, whereby the failure or distress of a stablecoin provider could adversely affect the broader financial system. 5  “Total Stablecoin Supply,” The Block, last modified on February 14, 2022, https://www.theblockcrypto.com/data/decentralized-finance/stablecoins/total-stablecoin-supply-daily.