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.
FinCEN proposes rule to combat cyber scams and heists
May 02, 2025 / By ICBA
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.
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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