Financial Crimes Enforcement Network (FinCEN)

Rule Changes

Finalized Section 311 rule barring Huione Group

The U.S. Treasury sanctioned 146 targets tied to the Cambodia-based Prince Group in October 2025, and the U.K. imposed matching sanctions. The Financial Crimes Enforcement Network (FinCEN) cut the Huione Group, a Cambodian payments conglomerate, off from U.S. banking. FinCEN found it laundered at least $4 billion between August 2021 and January 2025.

Updated Yesterday

Rule Changes

Assessed the $1.2 billion penalty against the bank

The US Treasury fined Bank of America $1.2 billion on October 13 after the second-largest US bank admitted it willfully failed to report more than $5 billion in suspicious transactions. The penalty is the third-largest in Treasury history, after Binance's $3.4 billion in 2023 and TD Bank's $1.3 billion in 2024. The $750 million portion from the Office of the Comptroller of the Currency (OCC) is that regulator's largest ever.

Updated Oct 15

Rule Changes

Withdrew the proposed rules

The U.S. Treasury's FinCEN bureau has formally withdrawn two proposed rules on self-custody wallets and crypto-mixing services. The rules, first proposed in 2020 and 2023, never took effect. FinCEN dropped the mixing rule after commenters said its broad definition could chill legitimate activity and burden banks; the wallet rule was pulled as part of the Trump administration's lighter-touch digital-asset policy.

Updated Oct 8

Rule Changes

Issued the final rule and is deleting U.S. person data

Beginning in January 2024, nearly every U.S. business had to tell the federal government who owned it. On August 14, 2026, that obligation ended for domestic companies and U.S. individuals.

Updated Sep 20

Money Moves

Issued the bank alert

On June 30, the U.S. Treasury froze the American assets of two Mexican men and nine companies, accusing them of funneling tens of millions of dollars a year to Mexico's most powerful cartel through a fuel-smuggling ring. Mexico's financial intelligence unit moved the same day, blocking 20 entities: the 11 OFAC targets plus nine additional people and firms it identified on its own.

Updated Jul 1

Rule Changes

Led financial enforcement actions against Huione

Cambodia extradited Li Xiong, former chairman of Huione Group, to China on April 2, making him the second senior figure removed. Blockchain analytics firm Elliptic calls it the largest illicit online marketplace ever documented and traced more than $89 billion in cryptocurrency flowing through its platforms. The platforms allegedly laundered proceeds from romance scams, cyber heists, and North Korean state-sponsored theft.

Updated May 30

Rule Changes

Implementing and enforcing new reporting requirements

For decades, anyone with enough cash and a shell company could buy a house in America without telling the federal government who they were. That changed on March 1, 2026, when a new rule from the Financial Crimes Enforcement Network (FinCEN) took effect. It requires closing agents to report the true owners behind any legal entity or trust purchasing residential property without traditional bank financing. The rule applies nationwide, to every price point, closing a gap the Treasury Department has called one of the most significant vulnerabilities in the country's anti-money laundering defenses.

Updated May 30

Rule Changes

Enforcing revised rule against foreign companies only

Congress passed the Corporate Transparency Act in 2021 to crack down on shell companies used for money laundering and terrorist financing, requiring 33 million U.S. businesses to report their true owners to FinCEN. Courts in Alabama and Texas declared it likely unconstitutional.

Updated May 19

Rule Changes

Reviewing investment adviser AML rule during two-year delay

FinCEN just delayed anti-money laundering rules for investment advisers by two years, pushing compliance from January 2026 to January 2028. It's the fourth time since 2002 that federal regulators have tried—and struggled—to close what transparency advocates call a $125 trillion loophole. Sanctioned Russian oligarchs, corrupt foreign officials, and fraudsters exploit it to access U.S. markets.

Updated May 19

Rule Changes

Pushing banks to spot cartel-linked oil and money laundering patterns

Treasury sanctioned the Cartel de Santa Rosa de Lima (CSRL) and its jailed leader José Antonio Yépez Ortiz ("El Marro") on December 17, 2025. Washington's campaign against huachicol money then shifted toward the infrastructure that makes stolen hydrocarbons tradable: shipping, routing, and due diligence.

Updated May 15