Search Results for keywords:"correspondent accounts"

Found 2 results

Search Results: keywords:"correspondent accounts"

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  • 2025-07837 — Special Measure Regarding Huione Group, as a Foreign Financial Institution of Primary Money Laundering Concern
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    Type:Proposed Rule
    Citation:90 FR 18934
    Reading Time:about 83 minutes

    The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, has proposed a new rule to prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group. This is because Huione Group, a Cambodian financial institution, has been identified as a serious risk for money laundering, particularly concerning illicit proceeds from cybercrimes and activities linked to North Korea's operations. U.S. financial institutions must also take special measures to ensure they are not processing transactions that involve Huione Group. The public has 30 days to comment on this proposal.

    Simple Explanation

    The U.S. government wants to stop banks from working with a group in Cambodia called Huione because they’re worried Huione might be hiding bad money from naughty activities. They also want banks to be extra careful in making sure they don’t accidentally help Huione move money around.

  • 2025-05349 — Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reporting Obligations on Foreign Bank Relationships With Iranian-Linked Financial Institutions Designated Under IEEPA and IRGC-Linked Persons Designated Under IEEPA
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    Type:Notice
    Citation:90 FR 14183
    Reading Time:about 29 minutes

    The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, is asking for public comments on their plan to renew a rule without changes. This rule requires U.S. banks to gather and report information about financial dealings with specific foreign banks that may do business with Iranian-linked institutions or people associated with the Islamic Revolutionary Guard Corps (IRGC). FinCEN's aim is to continue enforcing these information collections to help monitor and regulate financial activities, with the ultimate goal of preventing money laundering and terrorism financing. The request for comments is in line with efforts to reduce paperwork and examine the burden these regulations place on both U.S. and foreign banks.

    Simple Explanation

    FinCEN, a part of the U.S. government, wants to keep a rule that asks U.S. banks to check if foreign banks they're connected with are doing business with some Iranian groups. They're asking people to share their thoughts on how this rule affects banks and might help catch bad guys moving money.