The Financial Crimes Enforcement Network today issued a finding and notice of proposed rulemaking targeting a Cambodian firm that allegedly acts as a conduit for laundering money obtained through romance scams and other cybercrimes.
In addition to finding Huione Group to be a financial institution of primary money laundering concern, FinCEN’s is proposing to prohibit Huione Group’s access to U.S. correspondent accounts, with the objective of severing its access to the U.S. financial system. The agency said the firm serves “as a critical node” for laundering proceeds of cyber heists carried out by North Korea and for transnational criminal organizations in Southeast Asia perpetrating convertible virtual currency investment scams.
“Huione Group has established itself as the marketplace of choice for malicious cyber actors like the DPRK [North Korea] and criminal syndicates, who have stolen billions of dollars from everyday Americans,” Treasury Secretary Scott Bessent said. “Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains.”
