The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) proposed to sever the Cambodia-based Huione Group from the U.S. financial system, citing its involvement in laundering illicit proceeds from cybercrimes. FinCEN identified Huione as a significant money laundering concern, alleging that it processed around $4 billion of potentially illicit funds from 2021 to 2025, including links to North Korean cyber operations. The proposal prohibits U.S. financial institutions from maintaining correspondent accounts with Huione Group, aiming to block its ability to launder money. Huione Group operates under various businesses including digital payment and crypto services and has been involved in scams resulting in substantial theft from individuals. The proposed rule will be open for public comment for 30 days as part of the regulatory process, emphasizing the ongoing efforts to combat financial crime and strengthen regulatory measures.

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