FinCEN issues final rule blocking Cambodia-based Huione Group from the U.S. financial system for facilitating North Korean cyberheist proceeds and Southeast Asian virtual currency scams

The action reflects FinCEN’s determination that Huione Group lacks adequate anti-money laundering controls and has facilitated illicit financial activity linked to cybercrime and North Korean networks. By imposing a Section 311 special measure, the action enhances U.S. AML safeguards, underscores the risks posed by inadequately supervised foreign financial institutions, and reinforces the importance of correspondent banking vigilance…