The Financial Crimes Enforcement Network proposed amending its final rule that designated the Huione Group as a primary money laundering concern to include any successors, saying the action guards against the group’s attempts to avoid being cut off from the U.S. financial system.
Background: The Cambodia-based Huione Group serves as a critical node for laundering proceeds of cyber heists and virtual currency investment scams and is used by other groups to transfer and consolidate scam-derived assets.
ICBA Support: When the Treasury and Justice departments in October 2025 announced actions against criminal networks responsible for scams and money laundering, including the Huione Group, ICBA was the only voice of support.
More Actions: The Treasury Department this week also took coordinated action to further disrupt the Prince Group Transnational Criminal Organization for its role in a global criminal enterprise built on scam compounds, fraud, and money laundering.
Scope: The FBI’s 2025 Internet Crime Report shows cyber-enabled crimes defrauded Americans of nearly $21 billion last year, with cryptocurrency and artificial intelligence-related complaints among the costliest.
More ICBA Advocacy: Last June, ICBA strongly supported FinCEN’s proposed rule to designate the Huione Group as a primary money laundering concern but said more needs to be done to curtail the rapid growth of crypto scams.
ICBA Resources: Cyber and data security resources for community bankers are available on ICBA’s website.