On Oct. 16, 2025, FinCEN published final rule prohibiting certain transactions involving the Cambodia-based Huione Group in the federal register; effective on Nov. 17, 2025.
On May 5, FinCEN found Cambodian group to be primary AML concern.
FinCEN issued notice of proposed rulemaking to prohibit correspondent account on behalf of Huione Group, a financial institution of primary money laundering concern.
Background
Huione Group is financial services conglomerate based in Phnom Penh, Cambodia, serves as critical node for laundering proceeds of cyber heists carried out by criminals.
Used by TCOs perpetrating convertible virtual currency (CVC) investment scams, commonly known as pig butchering scams, and other types of CVC-related scams.
Set up network of businesses, including Huione Pay PLC, payment services institution; Huione Crypto, virtual assets service provider; online marketplace Haowang Guarantee
Network offers services ranging from online marketplace selling items for carrying out cyber scams, to payment services in fiat currency and CVC used for money laundering.
FinCEN Finding, NPRM
Investigation identified that Huione Group laundered at least $4 billion worth of illicit proceeds between 2021 and 2025, including proceeds from North Korean cyber heists.
Risks presented by Huione Group’s association with illicit actors and transactions linked to illicit activity are compounded by an absence of, or ineffective, AML/KYC procedures.
Huione Group itself recognized deficiency, detecting that company’s KYC capabilities were seriously insufficient after failing to identify funds received from a NPRK heist.
Pursuant to 31 USC 5318A(a)(1), FinCEN finds that reasonable grounds exist for concluding that the entity Huione Group is of primary money laundering concern.
Proposes prohibiting opening/maintaining of correspondent account in US for Huione.
Requires covered financial institutions to apply special due diligence to correspondent accounts designed to guard against use to process transactions involving Huione Group
Agency is taking action pursuant to section 311 of USA PATRIOT act (31 USC 5318A).
Consultation
Comments on the NPRM must be submitted on or before Jun. 4, 2025.
Oct. 2025 FinCEN Final Rule
On Oct. 15, 2025, FinCEN published final rule prohibit covered US financial institutions from opening or maintaining a correspondent account for, or on behalf of Huione Group
Cambodia-based Huione Group found to be of primary money laundering concern.
Requires financial institutions to apply special due diligence to foreign correspondent accounts designed to guard against use to process transactions for Huione Group.
Final rule becomes effective 30 days after its publication in the federal register.
Oct. 16, 2025 FinCEN Federal Register
On Oct. 16, 2025, FinCEN published final rule prohibiting certain transactions involving the Cambodia-based Huione Group in the federal register; effective on Nov. 17, 2025.
