FinCEN Bars Huione Group From U.S. Financial System

On October 15, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a final rule under Section 311 of the USA PATRIOT Act that prohibits U.S. financial institutions from conducting business with the Cambodia-based Huione Group, a financial services conglomerate based in Phnom Penh, Cambodia. Huione Group is the parent company of, or otherwise controls, several subsidiaries, affiliates, and components, including, but not limited to: Haowang Guarantee, Huione Pay PLC, and Huione Crypto. The rule targets all these entities as Huione Group for laundering proceeds of virtual currency scams on behalf of malicious cyber actors, among other criminal wrongdoing.

In addition, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sweeping sanctions on 146 targets within the Prince Group Transnational Criminal Organization (Prince Group TCO), a Cambodia-based network led by Cambodian national Chen Zhi that operates a transnational criminal enterprise through online investment scams targeting Americans and others worldwide. Prince Group TCO is composed of Cambodia-based Prince Holding Group, Chen Zhi, his close associates and business partners, and their core commercial interests, all of which operate in furtherance of Prince Group TCO’s criminal enterprise.

FinCEN’s Key Findings and Final Rule

FinCEN found that Huione Group is a foreign financial institution of primary money laundering concern, and its final rule imposes a prohibition on covered financial institutions from opening or maintaining a correspondent account for, or on behalf of, Huione Group.

• Prohibition: Covered financial institutions are prohibited from opening or maintaining correspondent accounts for, or on behalf of, the Huione Group. Such institutions must take reasonable steps to not process a transaction for the correspondent account of a foreign banking institution in the United States if that transaction involves Huione Group.
• Enhanced Due Diligence: Covered financial institutions must employ special due diligence to all foreign correspondent accounts to prevent those accounts from being used to process transactions involving Huione Group and provide notice to such account holders regarding these prohibitions.
• Effective Date: The final rule is effective November 17, 2025.

Detailed Grounds for Action

Huione Group served as a crucial hub for laundering billions of dollars from a variety of illegal activities. These activities include:

• Virtual Currency Scams: Facilitating fraudulent schemes involving virtual currencies.
• Online Investment Scams: Operating deceptive investment platforms targeting individuals globally.
• Other Criminal Activities: Engaging in various illicit financial operations.

FinCEN's action underscores the agency's commitment to safeguarding the U.S. financial system from foreign entities involved in significant money laundering activities.