On October 15, 2025, FinCEN issued a final rule that severs Cambodia-based Huione Group from the U.S. financial system. Huione Group is a key player in laundering proceeds from cyber heists by North Korea and transnational criminal organizations in Southeast Asia involved in virtual currency investment scams, such as "pig butchering" scams.
The final rule finalizes a rulemaking that FinCEN issued in May, identifying Huione Group as a financial institution of primary money laundering concern. The final rule prohibits covered financial institutions from opening or maintaining correspondent accounts for or on behalf of Huione Group. It also requires covered financial institutions 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.
FinCEN’s press release can be found here.
The final rule can be found here.