Overview
- The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has designated Cambodia-based Huione Group as a 'primary money laundering concern' under Section 311 of the Patriot Act.
- Between 2021 and 2025, Huione laundered at least $4 billion in illicit proceeds, including $37 million linked to North Korean cyber heists and $36 million from crypto scams.
- Huione’s subsidiaries, including Huione Pay PLC and Huione Crypto, allegedly facilitated transactions without proper anti-money laundering or know-your-customer protocols.
- The proposed rule would prohibit U.S. financial institutions from maintaining correspondent accounts for Huione, aiming to disrupt its ability to move illicit funds.
- Blockchain analytics firm Elliptic reports Huione processed $98 billion in crypto since 2014 and recently launched its own stablecoin, USDH, to evade regulatory controls.