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.