FinCEN Proposes Rule to Prohibit Huione Group from Opening US Correspondent Accounts

Summary

The US Financial Crimes Enforcement Network (FinCEN) has issued a notice of proposed rulemaking to prohibit Huione Group, a foreign financial institution based in Cambodia, from opening or maintaining correspondent accounts in the US due to its primary money laundering concern, and requires covered financial institutions to apply special due diligence to their foreign correspondent accounts involving Huione Group.