Proposal of Special Measure regarding Huione Group, as a Foreign Financial Institution of Primary Money Laundering Concern
New collection (Request for a new OMB Control Number)
No
Regular
05/06/2025
Requested
Previously Approved
36 Months From Approved
127
0
1,016
0
0
0
FinCEN is issuing a notice of proposed rulemaking (NPRM), pursuant to section 311 of the USA PATRIOT Act, that proposes prohibiting the opening or maintaining of a correspondent account in the United States for, or on behalf of, Huione Group, a foreign financial institution based in Cambodia found to be of primary money laundering concern. The NPRM also would require covered financial institutions to apply special due diligence to their foreign correspondent accounts that is reasonably designed to guard against their use to process transactions involving Huione Group.
US Code:
31 USC 5318A
Name of Law: Section 311 of the USA PATRIOT Act
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
FinCEN Huione Group 311 NPRM Supporting Statement 5_5_2025.docx
Information collection requirements in 31 CFR 1010.664