Treasury Bans U.S. Ties with Laundering-Prone Cambodian Bank
Published Date: 10/16/2025
Rule
Summary
Starting November 17, 2025, U.S. banks can’t open or keep accounts for Huione Group, a Cambodian financial company linked to serious money laundering risks. Banks must also watch their other foreign accounts extra carefully to stop Huione-related shady money moves. This rule helps keep dirty money out of the U.S. financial system and protects honest businesses.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
U.S. Banks Barred from Huione Accounts
Starting November 17, 2025, covered U.S. financial institutions are prohibited from opening or maintaining a correspondent account for, or on behalf of, Huione Group (a foreign financial institution based in Cambodia). This is a formal special measure under section 311 of the USA PATRIOT Act that directs U.S. banks to stop correspondent-account relationships involving Huione Group.
Enhanced Due Diligence on Foreign Correspondent Accounts
As of November 17, 2025, covered U.S. financial institutions must apply special due diligence to their foreign correspondent accounts that is reasonably designed to guard against use of those accounts to process transactions involving Huione Group. The rule requires banks to monitor and apply heightened scrutiny to foreign correspondent accounts for this purpose.
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