Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule that severs Cambodia-based Huione Group from the U.S. financial system. Huione Group serves as a critical node for laundering proceeds of cyber heists carried out by the Democratic People’s Republic of Korea and for transnational criminal organizations in Southeast Asia perpetrating virtual currency investment scams, commonly known as “pig butchering” scams, among others. Today’s action finalizes a rulemaking that FinCEN issued in May identifying Huione Group as a financial institution of primary money laundering concern. By finalizing this rule, covered financial institutions are now prohibited from opening or maintaining correspondent accounts for or on behalf of Huione Group, and are required to take reasonable steps not to process transactions for the correspondent account of a foreign banking institution in the United States if such a transaction involves Huione Group, preventing indirect access by Huione Group to the U.S. financial system.
Treasury’s Office of Foreign Assets Control and the United Kingdom’s Foreign, Commonwealth, and Development Office took complementary actions today against criminal networks responsible for targeting citizens of the United States and other allied nations through online scams and the laundering of stolen funds.
Treasury News Release: https://home.treasury.gov/news/press-releases/sb0278
Final Rule (as submitted to the Federal Register): https://www.fincen.gov/system/files/2025-10/Huione-Group-Final-Rule_0.pdf