Regulatory Alerts2025-10-15
Imposition of Special Measure Regarding Huione Group as a Foreign Financial Institution of Primary Money Laundering Concern
The Financial Crimes Enforcement Network issued a final rule prohibiting covered U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group, a Cambodian-based financial conglomerate designated as a primary money laundering concern. This action stems from FinCEN's finding that Huione Group and its components facilitate money laundering for cybercrimes and transnational criminal organizations through a coordinated network involving virtual currency exchanges and illicit marketplaces. The rule further mandates that covered financial institutions apply special due diligence to foreign correspondent accounts to guard against transactions involving Huione Group.
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