FINANCIAL CRIMES ENFORCEMENT NETWORK ISSUES RULE: IMPOSITION OF SPECIAL MEASURE REGARDING HUIONE GROUP, AS A FOREIGN FINANCIAL INSTITUTION OF PRIMARY MONEY LAUNDERING CONCERN

WASHINGTON, Oct. 16 -- Financial Crimes Enforcement Network has issued a rule called: Imposition of Special Measure Regarding Huione Group, as a Foreign Financial Institution of Primary Money Laundering Concern.

The rule was published in the Federal Register on Oct. 16 by Andrea M. Gacki, Director, Financial Crimes Enforcement Network.

Summary: FinCEN is issuing this final rule to prohibit covered U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of Huione Group, a foreign financial institution based in Cambodia found to be of primary money laundering concern pursuant to section 311 of the USA PATRIOT Act. The rule further requires covered financial institutions to apply special due diligenc...