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The Financial Crimes Enforcement Network proposed prohibiting U.S. financial institutions from opening or maintaining accounts for or on behalf of a Cambodian group that deals in crypto scams and designating the organization as a money-laundering concern.
Details: FinCEN said Cambodia-based Huione Group 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 such as “pig butchering.”
Growing Concern: Losses attributed to crypto crimes increased 66% in 2024 to $9.3 billion, according to a recent report from the FBI’s Internet Crime Complaint Center.
ICBA View: In a statement for a congressional hearing on crypto-based romance confidence scams last fall, ICBA said the persistent growth of such scams emphasizes the urgent need for policymakers to prioritize national security, counter illicit finance uses of cryptocurrency, and improve information sharing with community banks.
Resources: ICBA blog posts spotlight the growth of these scams and the need for a policy response.
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In recognition of National Small Business Month this May, the Independent Community Bankers of America® (ICBA) is celebrating the critical role community banks play in supporting the nation’s small businesses—the backbone of the American economy.
ImageMay 1, 2025
A new blog post from the nonpartisan Tax Foundation notes that when a credit union acquires a bank, state and local governments can lose much of the tax revenue that the bank was paying.
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With Congress back to work this week, ICBA is encouraging community bankers to contact lawmakers in support of the Homebuyers Privacy Protection Act and the ACRE Act.
ImageMay 1, 2025
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