Treasury Proposes Ban on U.S. Ties to Cambodian Money Laundering Bank
Published Date: 5/5/2025
Proposed Rule
Summary
FinCEN is proposing a new rule to stop U.S. banks from opening or keeping accounts for Huione Group, a Cambodian financial company linked to money laundering. Banks will also need to watch their foreign accounts more closely to prevent shady transactions involving Huione. This change aims to protect the U.S. financial system and could start soon once finalized.
No Economic Impacts Identified for this Document
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