NPRM: Amend definition of Huione Group to add H-Pay Service PLC and successor entities (91 FR 38340)
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Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
38340 Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules
DEPARTMENT OF HEALTH AND applies, neither an environmental address, or other contact information) or
HUMAN SERVICES assessment nor an environmental confidential business information that
impact statement is required. If FDA you do not want publicly disclosed. All
Food and Drug Administration determines a categorical exclusion does comments are public records; they are
not apply, we will request an publicly displayed exactly as received,
21 CFR Part 179 environmental assessment and make it and will not be deleted, modified, or
[Docket No. FDA–2026–F–6436] available for public inspection. redacted. Comments may be submitted
anonymously. Follow the search
Grace R. Graham,
Sterigenics U.S., LLC; Filing of Food instructions on https://
Deputy Commissioner for Policy, Legislation, www.regulations.gov to view public
Additive Petition and International Affairs. comments.
AGENCY: Food and Drug Administration, [FR Doc. 2026–12855 Filed 6–24–26; 8:45 am]
FOR FURTHER INFORMATION CONTACT: The
HHS. BILLING CODE 4164–01–P
FinCEN Resource Center at
ACTION: Notification of petition. www.fincen.gov/contact.
SUMMARY: The Food and Drug SUPPLEMENTARY INFORMATION:
DEPARTMENT OF THE TREASURY
Administration (FDA or we) is I. Statutory Provisions
announcing that we have filed a food Financial Crimes Enforcement Network
additive petition, submitted by Section 311 of the USA PATRIOT Act
Sterigenics U.S., LLC, proposing that we (section 311), codified at 31 U.S.C.
31 CFR Part 1010
amend our food additive regulations to 5318A, grants the Secretary of the
RIN 1506–AB75 Treasury (Secretary) the authority to
provide for the safe use of ionizing
make a finding that ‘‘reasonable grounds
radiation for the reduction of pathogens Definition of Huione Group, a Financial exist for concluding’’ that any of the
in raw enriched wheat flour. Institution Operating Outside the following ‘‘is of primary money
DATES: The food additive petition was United States of Primary Money laundering concern’’:
filed on June 5, 2026. Laundering Concern • A jurisdiction outside of the United
ADDRESSES: For access to the docket to States;
AGENCY: Financial Crimes Enforcement
read background documents, go to • One or more financial institutions
Network (FinCEN), Treasury.
https://www.regulations.gov and insert operating outside of the United States;
ACTION: Notice of proposed rulemaking. • One or more classes of transactions
the docket number found in brackets in
the heading of this document into the SUMMARY: FinCEN is issuing a notice of
within, or involving, a jurisdiction
‘‘Search’’ box and follow the prompts, proposed rulemaking (NPRM), pursuant outside of the United States; or
and/or go to the Dockets Management • One or more types of accounts.1
to section 311 of the USA PATRIOT Act,
Staff, 5630 Fishers Lane, Rm. 1061, Upon making such a finding, the
that proposes amending the existing Secretary is authorized to require
Rockville, MD 20852, 240–402–7500. definition of Huione Group to include, domestic financial institutions and
FOR FURTHER INFORMATION CONTACT: within the definition of that group, H- domestic financial agencies to take
Stephen DiFranco, Human Foods Pay Service PLC, and adding and certain ‘‘special measures.’’ 2 The five
Program, Food and Drug defining the term ‘‘successor entity.’’ special measures set out in section 311
Administration, 5001 Campus Dr., With this NPRM, FinCEN does not alter are safeguards that may be employed to
College Park, MD 20740, 240–402–2710. its assessment that Huione Group is a defend the U.S. financial system from
SUPPLEMENTARY INFORMATION: Under financial institution operating outside money laundering and terrorist
section 409(b)(5) of the Federal Food, the United States of primary money financing risks. The Secretary may
Drug, and Cosmetic Act (21 U.S.C. laundering concern, and the existing impose one or more of these special
348(b)(5)), we are giving notice that we special measure codified at 31 CFR measures to protect the U.S. financial
have filed a food additive petition (FAP 1010.664 with respect to Huione Group system from such threats. Through
6M4844), submitted on behalf of remains in effect. special measures one through four, the
Sterigenics U.S., LLC, by the Burdock DATES: Written comments on the notice Secretary may impose additional
Group, P.O. Box 780519, Orlando, FL of proposed rulemaking must be recordkeeping, information collection,
32878. The petition proposes that we submitted on and reporting requirements on covered
amend our food additive regulations in or before July 27, 2026. domestic financial institutions and
§ 179.26 (21 CFR 179.26), ‘‘Ionizing ADDRESSES: Comments must be domestic financial agencies—
Radiation for the Treatment of Food,’’ to submitted in one of the following two collectively, ‘‘covered financial
provide for the safe use of ionizing ways (please choose only one of the
radiation for the reduction of pathogens ways listed): 1 31 U.S.C. 5318A(a)(1).
in raw enriched wheat flour, at a level • Federal E-rulemaking Portal: 2 On October 26, 2001, the President signed into
not to exceed 30 kiloGray (kGy). https://www.regulations.gov. If you are law the Uniting and Strengthening America by
The petitioner has claimed that this reading this document on Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Public Law
action is categorically excluded under federalregister.gov, you may use the 107–56 (USA PATRIOT Act). Title III of the USA
21 CFR 25.32(j), because the granting of green ‘‘SUBMIT A PUBLIC COMMENT’’ PATRIOT Act amended the anti-money laundering
this petition would authorize the use of button beneath this rulemaking’s title to (AML) provisions of the Bank Secrecy Act (BSA) to
promote the prevention, detection, and prosecution
lotter on DSK8BHNXB4PROD with PROPOSALS1
substances used as a component of a submit a comment to the regulations.gov
of international money laundering and the
food-contact surface of permanent or docket. financing of terrorism. The BSA, as amended, is the
semi-permanent equipment or of • Mail: Financial Crimes Enforcement popular name for a collection of statutory
another food-contact article intended for Network, P.O. Box 39, Vienna, VA authorities that FinCEN administers that is codified
repeated use. In addition, the petitioner 22183. Refer to Docket Number at 12 U.S.C. 1829b, 1951–1960 and 31 U.S.C. 5311–
5314, 5316–5336, and includes other authorities
has stated that, to their knowledge, no FINCEN–2026–0166 in the submission. reflected in notes thereto. Regulations
extraordinary circumstances exist. If Do not include any personally implementing the BSA appear at 31 CFR Chapter
FDA determines a categorical exclusion identifiable information (such as name, X.
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Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules 38341
institutions.’’ 3 Through special measure System, any other appropriate Federal Penh, Cambodia.12 Huione Group is the
five, the Secretary may ‘‘prohibit, or banking agency (as defined in section 3 parent company of, or otherwise
impose conditions upon, the opening or of the Federal Deposit Insurance Act), controls, several subsidiaries, affiliates,
maintaining in the United States of a the Secretary of State, the Securities and and components—including, but not
correspondent account or payable- Exchange Commission, the Commodity limited to: Haowang Guarantee, Huione
through account’’ for or on behalf of a Futures Trading Commission, the Pay PLC, and Huione Crypto
foreign banking institution, if such National Credit Union Administration (collectively, Components)—that
correspondent account or payable- Board, and in the sole discretion of the coordinate to provide services that are
through account involves the foreign Secretary, such other agencies and useful for money laundering and
financial institution found to be of interested parties as the Secretary may carrying out cyber scams. FinCEN
primary money laundering concern.4 find appropriate.’’ 7 When imposing assesses that, as discussed below,
Before making a finding that special measure five, the Secretary must Huione Group and its subsidiaries,
reasonable grounds exist for concluding do so ‘‘in consultation with the affiliates, and components, including
that a financial institution operating Secretary of State, the Attorney General, the Components, operate as a
outside of the United States (or other and the Chairman of the Board of coordinated collective, and for that
jurisdiction, account, or class of Governors of the Federal Reserve reason, FinCEN will correspondingly
transactions) is of primary money System.’’ 8 In addition, the Secretary is refer to Huione Group and its
laundering concern, the Secretary is required to consider the following Components as the ‘‘Huione Group.’’
required to consult with both the factors: Although it was originally
Secretary of State and the Attorney • Whether similar action has been or incorporated in Hong Kong in 2018 as
General.5 In addition, in the case of a is being taken by other nations or Huione Group Limited, Huione Group,
decision to apply one or more of the multilateral groups; the controlling entity of the
special measures, in making a finding • Whether the imposition of any conglomerate, does not appear to be
that reasonable grounds exist for particular special measure would create registered as a business in any
concluding that a financial institution a significant competitive disadvantage, jurisdiction,13 and several of Huione
operating outside of the United States is including any undue cost or burden Group’s Components have been
of primary money laundering concern, associated with compliance, for registered outside of Cambodia.
the Secretary is required to consider financial institutions organized or Nevertheless, Huione Group’s website is
such information as the Secretary licensed in the United States; registered 14 to an individual with a
determines to be relevant, including the • The extent to which the action or listed location of Phnom Penh,
following potentially relevant the timing of the action would have a Cambodia and Huione Group’s
institutional factors: significant adverse systemic impact on operations are principally carried out in
• The extent to which such a the international payment, clearance, Cambodia.
financial institution is used to facilitate and settlement system, or on legitimate For years, Huione Group has
or promote money laundering in or business activities involving the laundered illicit proceeds from
through a jurisdiction outside the particular jurisdiction, institution, class cybercrimes—namely, cyber heists
United States, including any money of transactions, or type of account; and
laundering activity by organized • The effect of the action on United Guarantee, Huione Pay PLC, and Huione Crypto.
criminal groups, international terrorists, States national security and foreign FinCEN assesses that this grouping of exchange
services operates as a coordinative collective, and
or entities involved in the proliferation policy.9 for that reason, FinCEN will correspondingly refer
of weapons of mass destruction (WMD) The authority of the Secretary to to the collective as the ‘‘Huione Group.’’
or missiles; administer the Bank Secrecy Act (BSA) 12 Cambodia Corporate Registry, ‘‘Huione’’
• The extent to which such a and its implementing regulations, Search, https://www.businessregistration.
financial institution is used for including the authority under section moc.gov.kh/cambodia-master/service/
create.html?targetAppCode=cambodia-
legitimate business purposes in the 311 to make such a finding and to master&targetRegisterAppCode=cambodia-br-
jurisdiction; and impose special measures, has been companies&service=registerItemSearch (last
• The extent to which such action is delegated to the Director of FinCEN.10 accessed Oct. 7, 2025); Huione Pay, Index, formerly
sufficient to ensure, with respect to available at https://www.huionepay.com.kh/index/
transactions involving the jurisdiction II. Prior Finding That Huione Group Is help; Huione Group, About, formerly available at
of Primary Money Laundering Concern https://huione.com/html/about.jsp (last accessed
and institutions operating in the Sept. 24, 2024). Huione Crypto has numerous job
jurisdiction, that the purposes of section and Imposition of Special Measure announcements with a work location in Phnom
311 continue to be fulfilled, and to Huione Group 11 is a financial Penh, Cambodia. See Huione Crypto, Career
guard against international money services conglomerate based in Phnom Opportunities, formerly available at https://
www.huione.io/en-US/careerOpportunities (last
laundering and other financial crimes.6 accessed Mar. 27, 2025). Haowang Guarantee also
In selecting one or more special 7 31 U.S.C. 5318A(a)(4)(A).
lists job announcements with a work location in
measures, the Secretary ‘‘shall consult 8 31 U.S.C. 5318A(b)(5). Prior to issuing this
Phnom Penh, Cambodia. See Haowang Guarantee,
with the Chairman of the Board of proposed rule, FinCEN consulted with About, formerly available at https://www.hwdb.la/
representatives and staff of the Board of Governors about/ (last accessed Mar. 27, 2025). This
Governors of the Federal Reserve of the Federal Reserve System, the Office of information was available as of the issuance of the
Comptroller of the Currency, the Secretary of State, NPRM, however, it has since been removed by
3 31 U.S.C. 5318A(b)(1)–(4). For purposes of this the staff of the Securities and Exchange Haowang Guarantee, resulting in a ‘‘page not
proposed rule, the term ‘‘covered financial Commission, staff of the National Credit Union found’’ error. FinCEN assesses that this change is
institution’’ has the same meaning as provided at Administration, the Federal Deposit Insurance more likely than not caused by negative public
lotter on DSK8BHNXB4PROD with PROPOSALS1
31 CFR 1010.605(e)(1). Corporation, and the Attorney General. These attention following a series of reports by blockchain
4 31 U.S.C. 5318A(b)(5). consultations involved obtaining interagency views analytic firms on money laundering occurring at
5 31 U.S.C. 5318A(c)(1). on all aspects of this proposed rule. Those views Huione Group.
6 31 U.S.C. 5318A(c)(2)(B)(i)–(iii). In addition, in are reflected in FinCEN’s explanation of the reasons 13 Hong Kong Companies Registry, Huione Group
the case of a finding relating to a particular for issuing this proposed rule. Limited, at p. 54, https://www.cr.gov.hk/docs/wrpt/
9 31 U.S.C. 5318A(a)(4)(B)(i)–(iv).
jurisdiction, section 311 sets out certain RNC063_2018.12.17-2018.12.23.pdf.
10 Treasury Order 180–01 (Jan. 14, 2020). 14 The registration is valid through June 3, 2026.
‘‘jurisdictional factors’’ that the Secretary may
consider, which are not relevant here. See 31 U.S.C. 11 Huione Group is the parent company of several See ICANN, Huione.com, https://lookup.icann.org/
5318A(c)(2)(A)(i)–(vii). subsidiaries and components, including Haowang en/huione.com (last accessed Oct. 7, 2025).
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38342 Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules
carried out by the Lazarus Group,15 an 1. Huione Group that the Components provide.26 One of
entity sanctioned by Treasury’s Office of Huione Group is a Cambodia based, Huione Group’s Telegram channels also
Foreign Assets Control (OFAC)—and Hong Kong-registered,20 sole provides public relations commentary
Convertible Virtual Currency (CVC) proprietorship founded in or around on behalf of the whole of the Huione
investment scams carried out by 2014, that appears to be owned and Group network.27 Through coordination
transnational criminal organizations controlled by an individual Cambodian by Huione Group, Huione Group’s
(TCOs) based in Southeast Asia.16 national,21 and at times holds itself out Components all share CVC
as the parent entity of the infrastructure, making it challenging to
On May 5, 2025, FinCEN issued a
Components.22 By its own account, ascertain the specific Component
notice of proposed rulemaking (First
Huione Group began as a fiat currency involved in a particular transaction.
NPRM) that found that reasonable As reflected in the Final Rule, FinCEN
grounds exist for concluding that exchange service and over the past
decade, expanded its commercial found that reasonable grounds exist to
Huione Group is a financial institution conclude that Huione Group is a money
operating outside the United States of interests to include finance, insurance,
real estate entities,23 and most recently, transmitter. By providing customer
primary laundering concern.17 On service and public relations services on
October 16, 2025, FinCEN issued a final CVC exchange services.24 The
Components operate in an behalf of the Components, Huione
rule (Final Rule) that prohibits covered Group is itself part of a network of
U.S. financial institutions from opening interconnected fashion to provide an
integrated payment service provider, people who engage as a business in
or maintaining a correspondent account facilitating the transfer of money.
for, or on behalf of Huione Group, as illicit online market, and CVC
exchanger (a type of virtual asset service Furthermore, through Huione Group’s
defined in that Final Rule.18 The apparent control of the Components
provisions of the Final Rule are codified provider or VASP).
Huione Group, as an individual (each of which is itself a money
at 31 CFR 1010.664. transmitter and responds to Huione
entity, coordinates its Components’
A. Finding That Huione Group Is of activities by operating the customer Group’s coordination of the
Primary Money Laundering Concern service and public relations functions of Components’ business activities such
the Huione Group. Huione Group has that they form a self-contained
Huione Group is a parent entity that historically done this by hosting ecosystem of exchange, payment, and
controls the following Components: 19 Telegram channels 25 to aid customers market services), Huione Group is
Haowang Guarantee; Huione Pay PLC; experiencing problems with the services engaged as a business in the
and Huione Crypto. FinCEN found that transmission of value that substitutes for
reasonable grounds exist to conclude 20 Hong Kong Companies Registry, Huione Group currency. Accordingly, FinCEN found
that Huione Group and each of its Limited, at p. 54, https://www.cr.gov.hk/docs/wrpt/ that reasonable grounds exist to
Components engages in the business of RNC063_2018.12.17-2018.12.23.pdf. conclude that Huione Group is a
21 See The Record, Tether freezes $29 million of
money transmission, and that Huione financial institution as defined by the
cryptocurrency connected to Cambodian
Group is therefore a financial institution marketplace accused of fueling scams (July 15,
BSA and as that term is used in section
under the BSA and its implementing 2024), https://therecord.media/tether-freezes-29- 311.
regulations. FinCEN also determined million-crypto-connected-to-scam-marketplace. Furthermore, based on publicly
that Huione Group and each of its 22 See, e.g., Elliptic, Huione: The Company available information, Huione Group is
Behind the Largest Ever Illicit Online Marketplace operated by a Cambodian person, from
Components, including, but not limited Has Launched a Stablecoin (Jan. 14, 2025), https://
to, Huione Pay PLC, are financial www.elliptic.co/blog/huione-largest-ever-illicit-
Phnom Penh, Cambodia.28 The Huione
institutions operating outside of the online-marketplace-stablecoin; Elliptic, Huione Group website is registered to a
United States. Guarantee: The multi-billion dollar marketplace Cambodian address in Phnom Penh,
used by online scammers (July 9, 2024, updated uses a Cambodian Top-Level Domain,
Mar. 27, 2025), https://www.elliptic.co/blog/cyber- and communicates predominately in the
15 The Lazarus Group is an agency,
scam-marketplace; Chainalysis, 2024 Crypto Crime
instrumentality, or controlled entity of the Mid-year Update Part 2: China-based CSAM and Chinese language via a Cambodian
government of the Democratic People’s Republic of Cybercrime Networks on the Rise, Pig Butchering website and one or more Telegram
Korea, that has stolen large volumes of Convertible Scams Remain Lucrative (Aug. 29, 2024), https:// channels operated from Cambodia.29
Virtual Currency in numerous and often widely www.chainalysis.com/blog/2024-crypto-crime-mid-
reported cyber heists. On September 13, 2019, the
Accordingly, FinCEN found that
year-update-part-2/; ABC News, Cambodian online
Lazarus Group was sanctioned by OFAC. See marketplace outed as one-stop shop for scammers’ reasonable grounds exist to conclude
Department of the Treasury, Press Release, Treasury money laundering and ‘detention equipment’ needs that Huione Group is operated from and
Sanctions North Korean State-Sponsored Malicious (July 26, 2024), https://www.abc.net.au/news/2024-
Cyber Groups (Sept. 13, 2019), https:// 07-27/online-marketplace-for-money-laundering- 26 Telegram, Huione Group Customer Service
home.treasury.gov/news/press-releases/sm774. and-scammers/104131624; Huione Crypto, Terms Center, formerly available at https://t.me/huionekf/
16 These scams are also referred to as ‘‘pig and Conditions, formerly available at https:// 138 (last accessed Mar. 27, 2025).
butchering.’’ See FinCEN, FIN–2023–Alert005, www.huione.io/en-US/termsAndConditions/ 27 See, e.g., Telegram, Huione Group Customer
FinCEN Alert on Prevalent Virtual Currency userAgreement (last accessed Mar. 27, 2025). The Service, Huione Statement (Mar. 9, 2025), formerly
Investment Scam Commonly Known as ‘‘Pig Huione Group website is no longer accessible, available at https://t.me/huionekf/346.
Butchering’’ (Sept. 8, 2023), https:// which FinCEN assesses is likely a response to 28 The Record, Tether freezes $29 million of
www.fincen.gov/sites/default/files/shared/FinCEN_ negative public attention following a series of cryptocurrency connected to Cambodian
Alert_Pig_Butchering_FINAL_508c.pdf. reports by blockchain analytic firms on money marketplace accused of fueling scams (July 15,
17 FinCEN, Special Measure Regarding Huione laundering occurring at Huione Group. 2024), https://therecord.media/tether-freezes-29-
Group, as a Foreign Financial Institution of Primary 23 Huione Group, Who We Are, formerly available
million-crypto-connected-to-scam-marketplace; see
Money Laundering Concern, 90 FR 18934 (May 5, at https://www.huione.com/html/about.jsp (last also ICANN, Huione.com, https://lookup.icann.org/
2025). accessed Sept. 24, 2024). en/huione.com; Elliptic, Huione Guarantee: The
lotter on DSK8BHNXB4PROD with PROPOSALS1
18 FinCEN, Imposition of Special Measure 24 Huione Crypto, Introduce, formerly available at
multi-billion dollar marketplace used by online
Regarding Huione Group, as a Foreign Financial https://www.huione.io/en-US/introduce (last scammers (July 9, 2024, updated Mar. 27, 2025),
Institution of Primary Money Laundering Concern, accessed Mar. 26, 2025). https://www.elliptic.co/blog/cyber-scam-
90 FR 48295 (Oct. 16, 2025); see 31 CFR 1010.664. 25 Following the issuance of the NPRM, Telegram marketplace.
19 As explained further in Section III.B, since the blocked Huione Group’s telegram channels, which 29 On May 13, 2025, Telegram shut down Huione
NPRM was issued Huione Group has changed its Haowang Guarantee notified customers of on its Group’s Telegram channel, however, there is
business structure in an effort to counter website. Haowang Guarantee, Announcements, evidence that Huione Group is creating new
governmental scrutiny, including the special formerly available at https://www.hwbd.la/ channels under different names to circumvent the
measure finalized last year. announcement (last accessed May 15, 2025). action taken by Telegram.
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Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules 38343
located in Cambodia and thus operates transmitting business license issued by 3. Huione Group and Its Components
outside of the United States.30 the Kingdom of Cambodia and engaged Are of Primary Money Laundering
in the exchange of CVC in a manner Concern
2. Huione Pay PLC
consistent with the definition of a In the Final Rule, FinCEN further
Of note, Huione Pay PLC is a money transmitting business.35 found that Huione Group (defined to
Component of the Huione Group that, as Accordingly, as reflected in the Final include each of the Components,
of January 2025, was registered 31 as a Rule, FinCEN found that reasonable including, but not limited to, Huione
payment services institution with the grounds exist to conclude that Huione Pay PLC) is of primary money
National Bank of Cambodia.32 Although Pay PLC is a financial institution as that laundering concern. As stated in the
as of July 30, 2025, the Huione Pay PLC Final Rule, FinCEN assessed that
term is used in the BSA and section 311.
website was inaccessible, Huione Pay Huione Group is used to facilitate and
PLC offered—as explained in the Final Moreover, in the Final Rule, FinCEN
promote money laundering, particularly
Rule—its customers the ability to trade found that reasonable grounds exist to
in support of illicit financial activities
CVC on different blockchains, and to conclude that Huione Pay PLC operates connected to the Democratic People’s
convert CVC to or from various fiat outside of the United States. Huione Pay Republic of Korea (DPRK) and Southeast
currencies.33 Part of Huione Pay PLC, PLC operates, or has operated, eight Asia-based TCOs.40 Because Huione
Huione International Payments, acted as Cambodian domestic branch locations, Group has shared infrastructure with its
a merchant on Haowang Guarantee’s located in Battambang, Phnom Penh, constituent entities, the structure makes
platform, exchanging CVC to facilitate Poipet, Siem Reap, and Sihanoukville.36 it challenging to ascertain the specific
the transfer of the proceeds of cyber Huione Pay PLC has advertised on Component involved in any particular
scams.34 Huione Pay PLC previously social media that it has, or had, operated transaction. Nevertheless, FinCEN based
held the local equivalent of a money a branch in Laukkaing,37 the capital of this assessment on information available
the Kokang Self-Administered Zone in through both public and non-public
30 FinCEN is not aware of any physical presence
northern Burma and a known center for reporting, and after thorough
by Huione Group or the Components in the United
States, or any substantial business with customers criminal CVC investment scams, before consideration of each of the following
in the United States. Accordingly, FinCEN found a 2023–2024 crackdown shuttered the factors: (1) Huione Group provides
that there are reasonable grounds to conclude that majority of these operations.38 As noted services that DPRK government entities
Huione Group, including the Components, are use to launder the proceeds of cyber
foreign financial institutions that operate outside above, Huione Pay PLC held a corporate
the United States. registration in Cambodia as well as a heists; (2) TCOs based in Southeast Asia
31 National Bank of Cambodia, List of Payment
payment services institution license, have used Huione Group to launder
Service Institutions (Dec. 31, 2024), https://
both of which have been revoked as of illicit proceeds of cyber scams,
www.nbc.gov.kh/english/supervision/payment_ including CVC investment scams; and
service.php (last accessed Mar. 21, 2025). The March 2025.39 Based on the foregoing,
(3) Huione Group operates an illicit
National Bank of Cambodia’s List of Payment FinCEN found that reasonable grounds
Service available on its website only reflects the online market.41
exist to conclude that Huione Pay PLC With this notice of proposed
most recent reporting period. As such, the
information presented by FinCEN reflects is operated from and located in rulemaking, FinCEN does not alter its
information that was available at the time indicated, Cambodia, and thus operates outside of assessment that Huione Group is a
in this example, the above-mentioned information the United States.
indicates that as of March 21, 2025, Huione Pay
financial institution operating outside
PLC was registered as a payment service institution. the United States of primary money
Future references to this list correspondingly 35 National Bank of Cambodia, List of Payment
laundering concern.
indicate the information as it was available on the Service Institutions (Dec. 31, 2024), https://
date indicated. www.nbc.gov.kh/english/supervision/payment_ B. Imposition of Special Measure
32 Until December 2023, there was a likely related service.php (last accessed Mar. 21, 2025). Prohibiting the Opening or Maintaining
entity, ‘‘Huione Pay,’’ registered as a money 36 Telegram, Huione Branch, formerly available at of Correspondent Accounts For or On
services business in Canada, which was https://t.me/huionestoreaddress/7 (last accessed Behalf of Huione Group
incorporated in the country as Huione Pay Inc.
Mar. 27, 2025).
Financial Transactions and Reports Analysis Centre
37 Telegram, Huione Group Customer Service
Consistent with the finding that
of Canada (FINTRAC), Money Services Business Huione Group is a foreign financial
Registry, Huione Pay Inc, https://fintrac- Center, formerly available at https://t.me/huionekf/
canafe.canada.ca/msb-esm/reg-eng (last accessed 138 (last accessed Mar. 27, 2025). institution of primary money laundering
Mar. 13, 2025). In March 2025, Huione Group 38 Recorded Future, Myanmar rebels take control concern and in consideration of
advertised its plans to expand Huione Pay PLC into of ‘pig butchering’ scam city amid China pressure additional relevant factors, FinCEN
new markets, including in North America. on junta (Jan. 8, 2024), https://therecord.media/ imposed, under special measure five, a
Telegram, Huione Group Customer Service, Huione
Statement (Mar. 9, 2025), formerly available at
myanmar-rebels-control-pig-butchering-scam-hub. prohibition on covered financial
https://t.me/huionekf/346.
39 National Bank of Cambodia, List of Payment
institutions from opening or
33 Huione Pay website, Index, formerly available Service Institutions (Dec. 31, 2024), https:// maintaining a correspondent account
at https://www.huionepay.com.kh/index/help (last www.nbc.gov.kh/english/supervision/payment_ for, or on behalf of, Huione Group in
accessed Mar. 27, 2025); FinCEN, Imposition of service.php (last accessed Mar. 21, 2025). As of
order to guard against the money
Special Measure Regarding Huione Group, as a March 31, 2025, Huione Pay PLC is no longer listed
Foreign Financial Institution of Primary Money as having an active license for ‘‘other financial laundering risks to the U.S. financial
Laundering Concern, 90 FR 48295 (Oct. 16, 2025); services activities.’’ National Bank of Cambodia, system posed by Huione Group, as
see also 31 CFR 1010.664. List of Payment Service Institutions (Mar. 31, 2025),
34 FinCEN assesses that Huione International 40 FinCEN, Imposition of Special Measure
https://www.nbc.gov.kh/english/supervision/
Payments is part of Huione Pay PLC and that the payment_service.php (last accessed Oct 7, 2025). As Regarding Huione Group, as a Foreign Financial
entity supports Haowang Guarantee’s facilitation of
lotter on DSK8BHNXB4PROD with PROPOSALS1
of July 30, 2025, Huione Pay PLC has also lost its Institution of Primary Money Laundering Concern,
transactions connected to money laundering corporate registration. See Cambodia Corporate 90 FR 48295, 48296 (Oct. 16, 2025).
activities. See Elliptic, Huione Guarantee: The 41 For additional details on FinCEN’s assessment
Registry, Huione Search, https://
multi-billion dollar marketplace used by online with respect to Huione Group’s facilitation and
www.businessregistration.moc.gov.kh/cambodia-
scammers (July 9, 2024, updated Mar. 27, 2025), promotion of money laundering, see the discussion
https://www.elliptic.co/blog/cyber-scam- master/service/ in the Final Rule at 90 FR at 48300–48303. FinCEN,
marketplace; The New York Times, How Scammers create.html?targetAppCode=cambodia- Imposition of Special Measure Regarding Huione
Launder Money and Get Away With It (Mar. 23, master&targetRegisterAppCode=cambodia-br- Group, as a Foreign Financial Institution of Primary
2025), https://www.nytimes.com/2025/03/23/world/ companies&service=registerItemSearch (last Money Laundering Concern, 90 FR 48295, 48300–
asia/cambodia-money-laundering-huione.html. accessed July 29, 2025). 48303 (Oct. 16, 2025).
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38344 Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules
identified in the First NPRM, Final payments, savings accounts, and mobile registration or payment service
Rule, and this notice of proposed banking.45 FinCEN assesses that H-Pay license.49
rulemaking.42 That special measure is engaged as a business in the As Huione Pay PLC’s operations have
remains in effect. transmission of currency due to these become restricted, FinCEN assesses that
III. Proposed Rule service offerings. Accordingly, FinCEN H-Pay has assumed its place. Despite
finds reasonable grounds exist to incorporating in 2024,50 H-Pay was not
A. Summary conclude that H-Pay is a money listed as a licensed payment service
FinCEN is issuing this notice of transmitter, which is a type of financial institution by the National Bank of
proposed rulemaking to address Huione institution as that term is used in the Cambodia until June 2025, after the
Group’s efforts to circumvent the BSA and section 311. National Bank of Cambodia revoked
previously imposed special measure by Huione Pay PLC’s license, the Ministry
Further, based on public and non-
continuing to operate as a financial of Commerce apparently delisted
public information, FinCEN assesses
institution outside the United States Huione Pay PLC, and FinCEN issued the
under a different name. This proposed that H-Pay is a component of the Huione
Group—closely linked to Huione Pay First NPRM.51 H-Pay originally utilized
rule is necessary to protect the U.S. an address 52 in the same building as the
financial system and the national PLC—and operating outside the United
States. Although FinCEN assesses that flagship location of Panda Commercial
security of the United States. This
Huione Pay PLC remains a financial Bank PLC, a financial institution in
proposed rule, issued pursuant to
institution of primary money laundering Cambodia that has reportedly been
section 311, would amend the definition
concern,46 Huione Pay PLC’s ability to linked to Huione Pay PLC and the
of Huione Group 43 to include ‘‘H-Pay
Service PLC and any successor entity’’ freely operate has been increasingly Huione Group and that has had its
of Huione Group, and would further add constrained. In particular, a March 6, license revoked (and been forced into
and define the term ‘‘successor entity.’’ 2025 media report indicated that liquidation) by the National Bank of
Cambodia.53 After that point, FinCEN
B. Huione Group’s Efforts To Huione Pay PLC’s banking license was
assesses that H-Pay assumed Huione
Circumvent the Special Measure, revoked by the Cambodian
Pay PLC’s physical and operational
Including Huione Pay PLC’s Name government.47 According to a July 31,
footprint. Shortly after publication of
Change to H-Pay Service PLC 2025 update, the National Bank of
the First NPRM in May 2025, Huione
Cambodia rescinded this license by
Based on public and non-public Pay PLC began removing signage from
updating its list of ‘‘Payment Service its headquarters and other branches,54
information, FinCEN assesses that H-
Institutions.’’ 48 Further, as of March and by November 2025, signs for H-Pay
Pay Service PLC (H-Pay) is a financial
2025, Huione Pay PLC was registered replaced Huione Pay PLC signs at both
institution operating outside the United
States that is not only of primary money with the Cambodian Ministry of their headquarters location and at
laundering concern as a component of Commerce for ‘‘other financial service
Huione Group, but also that the activities;’’ however, as of July 29, 2025, 49 Cambodia Corporate Registry, Huione Search,
transition within the Huione Group of it no longer appears in the Ministry of https://www.businessregistration.moc.gov.kh/
operations from Huione Pay PLC to H- Commerce’s business registration cambodia-master/service/create.html?
database, indicating that Huione Pay targetAppCode=cambodia-
Pay represents an effort, consistent with master&targetRegisterAppCode=cambodia-br-
past practice, of the Huione Group to PLC lacks an active corporate companies&service=registerItemSearch (last
evade public scrutiny and circumvent accessed Mar. 27, 2025; July 29, 2025).
50 Kingdom of Cambodia, Business Registration,
the special measure imposed through 45 H-Pay Service PLC’s website, www.h-pay.com
the Final Rule. (last accessed Mar. 19, 2026). H–PAY SERVICE PLC. (00074959) General Details,
46 Shortly after publication of the NPRM in May https://www.businessregistration.moc.gov (last
H-Pay is a newly operational accessed Dec. 11, 2025).
2025, Huione Pay began removing signage from its
component of the Huione Group that headquarters and other branches. When contacted 51 National Bank of Cambodia, List of Payment
FinCEN assesses has, following the by a journalist about this change, a Huione Pay Service Institutions, https://www.nbc.gov.kh/
publication of the First NPRM and Final employee claimed that Huione Pay was ‘‘operating download_files/data/khmer/KH/EN-PSIs.pdf (as of
Rule, effectively assumed the business as usual,’’ despite Huione Pay’s license being June 30, 2025).
revoked in March 2025. Cambodian Journalists 52 National Bank of Cambodia, List of Payment
role of Huione Pay PLC within the Alliance Association, Huione Pay Removes Sign Service Institutions (Mar. 31, 2025), https://
Huione Group. After U.S. Blacklist Move (May 7, 2025), www.nbc.gov.kh/english/supervision/payment_
As an initial matter, H-Pay was www.cambojanews.com/huione-pay-removes-sign- service.php (last accessed Oct 7, 2025); Kingdom of
licensed in Cambodia as a ‘‘payment after-u-s-blacklist-move/. At present, FinCEN has no Cambodia Ministry of Commerce Business
services institution’’ 44 and advertises information confirming that Huione Pay PLC has Registration, H–PAY SERVICE PLC. (00074959)
wholly ceased operations. Addresses, www.businessregistration.moc.gov.kh
offering services such as worldwide 47 See Radio Free Asia, Exclusive: World’s Largest (last accessed Dec. 30, 2025).
online black market’ Loses banking license (Mar. 6, 53 Cambodian Journalists Alliance Association,
42 For additional details on FinCEN’s imposition
2025), https://www.rfa.org/english/cambodia/2025/ National Bank Revokes Panda Bank License, Orders
of special measure five, see the Final Rule 03/06/huione-cambodia-cyberscam-cryptocurrency/ Liquidation (Feb. 24, 2026),
published at 90 FR at 48305–48306. FinCEN, . Huione Group responded to the allegations, www.cambojanews.com/national-bank-revokes-
Imposition of Special Measure Regarding Huione refuting them by noting that Huione Pay PLC does panda-bank-license-orders-liquidation/. Huione
Group, as a Foreign Financial Institution of Primary not require a banking license for its operations. Group has a history of claiming to be affiliated with
Money Laundering Concern, 90 FR 48295 (Oct. 16, Telegram, Huione Group Customer Service, Huione Panda Bank. For example, a post from @hwdbgs, a
2025); see 31 CFR 1010.664. Statement (Mar. 9, 2025), formerly available at now-deleted Huione Guarantee-affiliated Telegram
43 This proposed final rule does not remove any https://t.me/huionekf/346. As of March 31, 2025, channel, claimed that Panda Bank was a subsidiary
of the named Huione Group components as Huione Pay PLC is no longer listed as having an of Huione Group. Additionally, now-deactivated
lotter on DSK8BHNXB4PROD with PROPOSALS1
established in 31 CFR 1010.664. See 31 CFR active license for ‘‘other financial services website for Huione Group’s insurance arm
1010.664; see also FinCEN, Imposition of Special activities.’’ National Bank of Cambodia, List of advertised on its website, as recently as 2024, that
Measure Regarding Huione Group, as a Foreign Payment Service Institutions (Mar. 31, 2025), its shareholders also owned Huione Pay and Panda
Financial Institution of Primary Money Laundering https://www.nbc.gov.kh/english/supervision/ Bank. Telegram, @hwdb Channel (Apr. 5, 2022),
Concern, 90 FR 48295 (Oct. 16, 2025). payment_service.php (last accessed May 14, 2025). archived at tgstat.com/channel/@hwdbgs.
44 National Bank of Cambodia, List of Payment 48 National Bank of Cambodia, List of Payment 54 Cambodian Journalists Alliance Association,
Service Institutions (as of Sept. 30, 2025), https:// Service Institutions (July 31, 2025), https:// Huione Pay Removes Sign After U.S. Blacklist Move
www.nbc.gov.kh/download_files/data/khmer/KH/ www.nbc.gov.kh/english/supervision/payment_ (May 7, 2025), www.cambojanews.com/huione-pay-
EN-PSIs.pdf. service.php (last accessed Oct. 7, 2025). removes-sign-after-u-s-blacklist-move/.
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Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules 38345
multiple other branches.55 At the same disruption of Huione Pay’s business, its began directing its former customers to
time, a still-active Huione Pay hotline branch in the compound was replaced the illicit marketplace, Tudou
even referred a journalist to use H-Pay’s with a new company, ‘‘H-Pay,’’ 64 which Guarantee, that it had invested in
app to continue accessing Huione Pay’s has been publicly characterized as a earlier.72 And, given the rapid transition
services.56 And, as of December 2025— ‘‘rebrand’’ of Huione Pay.65 This H-Pay of Huione Pay PLC operations, facilities,
following a ‘‘bank run’’ on H-Pay 57—H- location was so vital to the compound and branding to H-Pay, FinCEN assesses
Pay customers were advised—through a that the #8 Park administrators had that Huione Pay PLC changing its name
Chinese-language note on the door of declared H-Pay to be the mandatory to H-Pay presents another example of
the H-Pay headquarters—of a ‘‘Huione payment platform inside the complex.66 the Huione Group attempting to
Deferred Payment Plan’’ for their As described in the Final Rule, Huione circumvent the impact of Huione Pay’s
deposits in H-Pay,58 providing evidence Pay lost its license to operate as a corporate delisting and loss of license,
of continued Huione Group—and payment service institution, as of March as well as, ultimately, enforcement of
specifically, Huione Pay—operations 31, 2025.67 the Final Rule.
through H-Pay. Importantly, Huione Group’s efforts to
More evidence of H-Pay’s links to replace Huione Pay PLC with H-Pay In an announcement on April 10,
Huione Pay can be found in H-Pay’s follows the pattern of conduct that 2026, the National Bank of Cambodia
early branding. A logo visible on H- Huione Group has used following reportedly revoked H-Pay’s payment
Pay’s website in August 2025 bears a previous instances of negative public services license. However, given the
strong resemblance to Huione Pay’s attention. Specifically, Huione Group continued operations of Huione Pay and
logos advertised on its websites, some of has used name changes and creation or its eventual migration to H-Pay after the
which remain active, featuring a red co-option of new or other entities as a National Bank of Cambodia revoked
emblem with two curved laurel wreaths method to circumvent public scrutiny Huione Pay’s license in March 2025,
which form an almost complete circle.59 and the finding and special measure FinCEN has reason to believe the same
By December 2025, H-Pay’s logo on its placed upon it by FinCEN. For example, pattern of activity will persist with H-
website was altered to remove the two on October 19, 2024, following a spate Pay and a future, successor entity.
curved laurel wreaths,60 which FinCEN of negative media reports detailing Therefore, for the reasons set out
assesses is an attempt to obfuscate its Huione Group’s indiscretions, ‘‘Huione above, FinCEN assesses that reasonable
connection to Huione Pay. Guarantee’’ rebranded as ‘‘Haowang grounds exist to conclude that H-Pay is
Additionally, a scam compound Guarantee.’’68 Later, in December 2024, a financial institution operating outside
called ‘‘#8 Park’’ 61 that hosted a Haowang Guarantee announced it was the United States, a Component of
physical Huione Pay store and also bore buying a stake in another illicit Huione Group that, like other
signage for a company allegedly linked marketplace, Tudou Guarantee.69 Components of Huione Group is of
to the OFAC-sanctioned ‘‘Prince Group’’ Shortly after the publication of the First primary money laundering concern,
TCO,62 was reportedly also known as NPRM, Haowang Guarantee’s illicit and, as such, should be included in the
‘‘Huione Park.’’ 63 Following the marketplace was reportedly banned definition of Huione Group and subject
from Telegram,70 resulting in Haowang to the special measure applicable to
55 Cambodian Journalists Alliance Association, H-
Guarantee announcing it would close on Huione Group.
Pay Emerges From Sanctioned Huione Pay, Panda its website.71 Haowang Guarantee then
Bank Links Noted (Nov. 27, 2025),
www.cambojanews.com/h-pay-emerges-from- C. Proposed Amended Definition of
sanctioned-huione-pay-panda-bank-links-noted/. 64 Id.
Huione Group
56 Id. 65 KiriPost, Rebranded H-Pay Freezes
57 Cambodian Journalists Alliance Association, Withdrawals Amid Cash Crunch Following The Final Rule defines ‘‘Huione
Huione Pay Pulls Rebrand Sign, Freezes Accounts International Sanctions (Dec. 1, 2025), https:// Group’’ to mean ‘‘all subsidiaries,
After CamboJA Report (Dec. 3, 2025), kiripost.com/stories/rebranded-h-pay-freezes-
withdrawals-amid-cash-crunch-following- branches, and offices of Huione Group
www.cambojanews.com/huione-pay-pulls-rebrand-
sign-freezes-accounts-after-camboja-report/. international-sanctions. operating as a financial institution in
58 Id. 66 See supra note 63. any jurisdiction outside of the United
59 H-Pay’s website, formerly available at www.h- 67 National Bank of Cambodia, List of Payment
States, including Haowang Guarantee
pay.com (last accessed Aug. 18, 2025); Huione Pay’s Service Institutions (Mar. 31, 2025), https:// (formerly known as Huione Guarantee),
website, www.dev.huione.com (last accessed Aug. www.nbc.gov.kh/english/supervision/payment_
18, 2025). service.php (last accessed Oct 7, 2025). Huione Pay PLC, and Huione Crypto
60 H-Pay’s website, formerly available at www.h- 68 Telegram, Haowang Guarantee Customer Spó5ka Z Ograniczona˛
pay.com (last accessed Dec. 9, 2025). Service Channel (Sept. 30, 2024), formerly available Odpowiedzialnościa˛ (d/b/a Huione
61 On March 26, 2026, the United Kingdom’s at https://t.me/s/kefu (last accessed Mar. 27, 2025). Crypto).’’ 73
69 In the same post, Tudou Guarantee claimed
Foreign, Commonwealth, and Development Office
sanctioned a number of scam compound associated that Tudou Guarantee and Haowang Guarantee are This proposed rule would amend the
entities, including Legend Innovation Company, the independent organizations. FinCEN assesses that definition of Huione Group set forth at
operator of #8 Park. FCDO, UK Crackdown on Vile this is not credible. The combination of overlap in 31 CFR 1010.664(a)(1) to add: (1) H-Pay;
Scam Centres Steps Up with Sanctions on Illicit customers, particularly following Haowang
Crypto Network (Mar. 26, 2026) https:// Guarantee’s ban from Telegram, the ownership and (2) the term ‘‘successor entity.’’ In
www.gov.uk/government/news/uk-crackdown-on- stake by Haowang Guarantee of Tudou Guarantee, addition, this proposed rule would
vile-scam-centres-steps-up-with-sanctions-on-illicit- and media reporting lead FinCEN to believe Tudou define ‘‘successor entity’’ for purposes
crypto-network. Guarantee subsumed Haowang Guarantee.
62 On October 14, 2025, OFAC sanctioned 146 Telegram, @danbl0 Channel (Dec. 14, 2024), https://
of this rule to mean any person that
targets within the Cambodia-based Prince Group t.me/danbl0/16 (last accessed Jan. 14, 2026); replaces Huione Group by acquiring its
Transnational Criminal Organization (Prince Telegram, @hwgq Channel (Dec. 10, 2024), assets, in whole or in part, and/or
lotter on DSK8BHNXB4PROD with PROPOSALS1
Group). Treasury, Press Release, U.S. and U.K. Take tgstat.com/channel/@hwgq/249 (last accessed Jan. carrying out the affairs of Huione Group
Largest Action Ever Targeting Cybercriminal 14, 2026).
70 Reuters, 2 massive black market services
under a new name.
Networks in Southeast Asia (Oct. 14, 2025), https://
home.treasury.gov/news/press-releases/sb0278. blocked by Telegram, messaging app says (May 15,
63 Elliptic, #8 Park: Prince and Huione’s role in 2025), https://www.reuters.com/world/china/2- 72 Elliptic, Telegram dark markets expand to fill
a scam compound still operating amid crackdowns massive-black-market-services-blocked-by-telegram- the gap left by Huione Guarantee (Jun. 23, 2025),
(Feb. 4, 2026), https://www.elliptic.co/blog/8-park- messaging-app-says-2025-05-15/. www.elliptic.co/blog/telegram-dark-markets-
prince-and-huiones-role-in-a-scam-compound-still- 71 Haowang Guarantee website, formerly available expand-to-fill-the-gap-left-by-huione-guarantee.
operating-amid-crackdowns. at hwdb.la (last accessed on Nov. 11, 2025). 73 31 CFR 1010.664(a)(1).
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38346 Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules
IV. Section-by-Section Analysis rea of willfulness. In drafting this regulatory action under section 3(f) of
statement, FinCEN has consulted with Executive Order 12866. Accordingly, a
A. Definition of Huione Group
the Department of Justice. regulatory impact analysis is not
This proposed rule defines the term required.
‘‘Huione Group’’ in 31 CFR VI. Regulatory Impact Analysis
1010.664(a)(1) means ‘‘all subsidiaries, FinCEN has analyzed this proposed B. Regulatory Flexibility Act
branches, and offices of Huione Group rule as required under Executive Order When an agency issues a rulemaking
operating as a financial institution in 12866,75 Executive Order 13563,76 the proposal, the Regulatory Flexibility Act
any jurisdiction outside of the United Regulatory Flexibility Act (RFA),77 the (RFA) requires the agency to ‘‘prepare
States, including Haowang Guarantee Unfunded Mandates Reform Act and make available for public comment
(formerly known as Huione Guarantee), (UMRA),78 and the Paperwork an initial regulatory flexibility analysis’’
Huione Pay PLC, Huione Crypto Spó5ka Reduction Act (PRA).79 (IRFA) that will ‘‘describe the impact of
Z Ograniczona˛ Odpowiedzialnościa˛ (d/ The proposed amendments to the the proposed rule on small entities.’’ 81
b/a Huione Crypto), and H-Pay Service definition of Huione Group are expected However, section 605 of the RFA allows
PLC, as well as any successor entity. to better ensure that the imposition of an agency to certify a rule, in lieu of
special measure five can achieve the preparing an analysis, if the proposed
B. Definition of Successor Entity intended effects as described in the First rulemaking is not expected to have a
This proposed rule would also add a NPRM and Final Rule.80 The analysis significant economic impact on a
new definition, set forth at 31 CFR below presents an analysis of the substantial number of small entities.
1010.664(a)(6), to define the term expected incremental economic effects In the First NPRM, FinCEN
‘‘successor entity’’ for purposes of this that FinCEN anticipates would considered that the rule would apply to
rule to mean any person that replaces accompany adoption of the amendments all covered financial institutions and
Huione Group, or any Component to the Final Rule as proposed and could thus potentially affect a
thereof, by acquiring its assets, in whole assesses such expectations in more substantial number of small entities.
or in part, and/or carrying out the affairs granular detail. This discussion FinCEN then provided the reasons that
of Huione Group under a new name. In includes an explanation of how the led it to assesses that the imposition of
the future, FinCEN may publish assumptions in FinCEN’s cost model special measure five on Huione Group
notifications of future name changes of and methodological choices have would be unlikely to have a significant
Huione Group, or any Component influenced the conclusions of the economic impact on such entities, and
thereof, should they occur. agency’s analysis. The public is invited hence that certification was
V. Executive Order 14294 to comment on all aspects of FinCEN’s appropriate.82 FinCEN then continued
practice. its analysis of the potential economic
Section 5 of Executive Order 14294 impact of the impositions of special
directs that all future NPRMs and final A. Executive Orders
measure five, generally,83 and in the
rules published in the Federal Register, Executive Orders 12866 and 13563 Final Rule further concluded that it did
the violation of which may constitute direct agencies to assess costs and not expect the rule to affect a substantial
criminal regulatory offenses, should benefits of available regulatory number of entities in practice, and that
include a statement identifying that the alternatives and, if regulation is few if any of these entities would meet
rule or proposed rule is a criminal necessary, to select regulatory the criteria necessary to be considered
regulatory offense and the authorizing approaches that maximize net benefits small entities for the purposes of the
statute.74 (including potential economic, RFA.84 On this basis, FinCEN
Executive Order 14294 further directs environmental, public health and safety maintained that certification of the rule
that the regulatory text of all NPRMs effects; distributive impacts; and continued to be appropriate.
and final rules with criminal equity). Executive Order 13563 Since this proposed rule would
consequences published in the Federal emphasizes the importance of amend a certified rule, FinCEN
Register after May 9, 2025, should quantifying both costs and benefits, considered the likelihood that the
explicitly state a mens rea requirement reducing costs, harmonizing rules, and incremental economic effects of the
for each element of a criminal regulatory promoting flexibility. proposed amendments would,
offense, accompanied by citations to the It has been determined that this independently, significantly impact a
relevant provisions of the authorizing proposed rule is not a significant substantial number of small entities.
statute. Under the proposed amendments
Willful violations of the regulations 75 Executive Order 12866, Regulatory Planning
covered financial institutions would be
set forth in this proposed rule may be and Review, 58 FR 51735 (issued Sept. 30,1993;
published Oct. 4, 1993).
required to take reasonable measures to
subject to criminal penalties pursuant to 76 Executive Order 13563, Improving Regulation detect use of their correspondent
31 U.S.C. 5322 and regulations and Regulatory Review, 76 FR 3821 (issued Jan. 18, accounts to process transactions
promulgated in 31 CFR Chapter X. The 2011; published Jan. 21, 2011). involving Huione Group as it would be
statutory authority for criminal liability 77 5 U.S.C. 601 et seq.
newly defined by the proposed
78 2 U.S.C. 1532.
requires a mens rea of willfulness as an amendments to 1010.664(a). As
79 44 U.S.C. 3507(a)(1)(D).
element pursuant to 31 U.S.C. 5322(a) 80 See FinCEN, Special Measure Regarding
and 31 U.S.C. 5322(b). FinCEN’s Huione Group, as a Foreign Financial Institution of
81 5 U.S.C. 603(a).
existing regulation, 31 CFR 1010.840, Primary Money Laundering Concern, 90 FR 18934
82 See FinCEN, Special Measure Regarding
that sets out criminal penalties for (May 5, 2025); FinCEN, Imposition of Special Huione Group, as a Foreign Financial Institution of
lotter on DSK8BHNXB4PROD with PROPOSALS1
Measure Regarding Huione Group, as a Foreign Primary Money Laundering Concern, 90 FR 18934,
violations of regulations promulgated in 18946 (Section VIII.B) (May 5, 2025).
Financial Institution of Primary Money Laundering
31 CFR Chapter X also includes a mens Concern, 90 FR 48295 (Oct. 16, 2025). As set out 83 See, e.g., FinCEN, Agency Information
in the First NPRM and Final Rule, the rule is Collection Activities; Proposed Renewal; Comment
74 Executive Order 14294, ‘‘Fighting intended to: (1) combat and deter money laundering Request: Renewal Without Change of Information
Overcriminalization in Federal Regulations’’ 90 FR in facilitation of proliferation financing associate Collection Requirements in Connection With the
20367 (issued May 9, 2025; published May 14, with Huione Group; and (2) prevent Huione Group Imposition of Special Measures, 90 FR 57279,
2025), https://www.federalregister.gov/ from using the U.S. financial system to enable its 57280–57283 (Section II) (Dec. 10, 2025).
executiveorder/14294. illicit finance behavior. 84 5 U.S.C. 601(3)–(5).
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Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules 38347
previously taken into consideration, C. Unfunded Mandates Reform Act 3506(c)(2)(A), and its implementing
because all U.S. persons, including U.S. Section 202 of the UMRA 86 requires regulations, 5 CFR part 1320, the
financial institutions, currently must that an agency prepare a budgetary following information concerning the
comply with OFAC sanctions, and U.S. impact statement before promulgating a collection of information as required by
financial institutions generally have rule that may result in expenditure by 31 CFR 1010.664 is presented to assist
suspicious activity reporting the State, local, and Tribal governments, those persons wishing to comment on
requirements and systems in place to in the aggregate, or by the private sector, the information collections.
screen transactions to comply with of $193 million or more in any one year The provisions in this proposed rule
OFAC sanctions and section 311 special ($100 million in 1995, adjusted for would extend the scope of the required
measures administered by FinCEN, it is inflation).87 88 If a budgetary impact collection of information found in
not foreseeable that adding H-Pay statement is required, section 202 of the sections 1010.664(b)(3)(i)(A) and
Services PLC to the definition of Huione UMRA also requires an agency to 1010.664(b)(4) by including the
Group would have a substantial impact. identify and consider a reasonable additional parties defined in
The systems that U.S. financial number of regulatory alternatives before 1010.664(a)(1), as amended, and
institutions have in place to comply promulgating a rule. 1010.664(a)(6). As described in the Final
with economic sanctions and BSA FinCEN has determined that this Rule, the notification requirement in
requirements can easily be modified to proposed rule will not result in section 1010.664(b)(3)(i)(A) is intended
adapt to this addition. expenditures by State, local, and Tribal to aid cooperation from foreign
However, it is less clear that the governments in the aggregate, or by the correspondent account holders in
special due diligence that would be private sector, of $193 million or more preventing transactions involving
required under the proposed rule—i.e., in any one year. Accordingly, FinCEN Huione Group from being processed by
preventing the processing of has not prepared a budgetary impact the U.S. financial system.91 The
transactions involving Huione Group statement or specifically addressed the information required to be maintained
and the transmittal of notification to regulatory alternatives considered. by section 1010.664(b)(4) will continue
certain correspondent account holders— to be used by federal agencies and
D. Paperwork Reduction Act
would not impose a significant certain self-regulatory organizations to
additional economic burden upon U.S. The recordkeeping and disclosure verify compliance by covered financial
financial institutions because the requirements in this proposed rule, institutions with the notification
proposed rule would also amend the which qualify as ‘‘collections of requirement in section
definition of Huione Group to include information’’ under the PRA, will be 1010.664(b)(3)(i)(A). The additional
any successor entity and both (1) the submitted to the Office of Management collection of information resulting from
number of future successors and (2) the and Budget (OMB) for review in the proposed amendment to the
frequency with which such successor accordance with the PRA.89 Under the definition of Huione Group would be
entities may arise and be identified are PRA, an agency may not conduct or mandatory. The proposed rule does not
unknown.85 FinCEN is therefore, as a sponsor, and a person is not required to modify the intended purpose of the
conservative precaution, not taking the respond to, a collection of information
Final Rule or the nature of the
position that the proposed rule could unless it displays a valid control
information required to be collected or
not have a significant economic impact number assigned by the OMB.90 Written
disclosed. It would exclusively modify
on a small covered financial institution. comments and recommendations for the
the scope of the parties included within
Instead, FinCEN is certifying that the amended prohibition can be submitted
the definition of ‘‘Huione Group.’’
proposed amendments to the Final Rule by visiting www.reginfo.gov/public/do/
FinCEN is revising the related PRA
contained in this rulemaking would not PRAMain. Find this particular
estimates covered by OMB control
have a significant impact on a document by selecting ‘‘Currently under
number 1506–0083 accordingly to
substantial number of small businesses Review—Open for Public Comments’’ or
account for the revised definition
because it continues to expect, as in the by using the search function. Comments
are welcome and must be received by introduced by this proposed rule.
Final Rule, that few, if any, covered Frequency: As required.
financial institutions that maintain [30 DAYS AFTER DATE OF
foreign correspondent accounts meet the PUBLICATION IN THE FEDERAL Description of Affected Financial
applicable definitional criteria to be REGISTER]. In accordance with Institutions: Only those covered
deemed a ‘‘small entity’’ under the RFA. requirements of the PRA, 44 U.S.C. financial institutions defined in section
FinCEN invites comments from 1010.664(a)(3) that are engaged in
members of the public who believe
86 2 U.S.C. 1532.
correspondent banking with, or
87 Id.
there would be a significant economic processing transactions potentially
88 The U.S. Bureau of Economic Analysis reports
impact on small entities from the involving Huione Group, as defined in
the annual value of the gross domestic product
imposition of a prohibition under the implicit price deflator for calendar year 1995 (the section 1010.664(b)(1) and (2) are
fifth special measure regarding Huione year UMRA was enacted) as 66.939, and as 128.974 expected to be affected.
for calendar year 2025 (the most recent available). Estimated Number of Potential
Group. Thus, the inflation-adjusted estimate for $100
million is 128.974 ÷ 66.939 × $100 million, or Respondents: Approximately 14,575.
85 FinCEN is requesting comment on the $192.7 million. U.S. Bureau of Economic Analysis,
likelihood of additional successor entities and the Table 1.1.9. Implicit Price Deflators for Gross 91 See FinCEN, Imposition of Special Measure
expected burden associated with naming additional Domestic Product. Regarding Huione Group, as a Foreign Financial
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89 44 U.S.C. 3507(a)(1)(D).
successor entities. See infra Section VI.D, Institution of Primary Money Laundering Concern,
Additional Requests for Comments, Question #3. 90 44 U.S.C. 3507(a)(3). 90 FR 48295 (Oct. 16, 2025).
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38348 Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules
TABLE 1—ESTIMATES OF COVERED FINANCIAL INSTITUTIONS BY TYPE
Financial institution type Number of entities
Banks with a Federal Functional Regulator (FFR) a ........................................................................................................... b 8,623
Banks without an FFR c ....................................................................................................................................................... d 365
Broker-dealers in securities (Broker-dealers) e .................................................................................................................... f 3,278
Futures commission merchants (FCMs) and Introducing brokers in commodities (IBCs) g ............................................... h 954
Mutual funds i ....................................................................................................................................................................... j 1,355
a See 31 CFR 1010.100(t)(1); see also 31 CFR 1010.100(d) and 31 CFR 1020.210(a).
b This includes 4,336 Federal Deposit Insurance Corporation- (FDIC-) insured depository institutions (i.e., federally regulated banks) according
to the FDIC’s Quarterly Bank Profile for Q4 2025, p. 2 (https://www.fdic.gov/quarterly-banking-profile/past-quarterly-banking-profiles). It also in-
cludes 4,287 National Credit Union Administration- (NCUA-) chartered credit unions (i.e., federally regulated credit unions) as of December 31,
2025, according to NCUA’s Quarterly Credit Union Data Summary: 2025 Q4, p. i (https://ncua.gov/analysis/credit-union-corporate-call-report-data/
quarterly-data-summary-reports).
c 31 CFR 1020.210(b).
d The Board of Governors of the Federal Reserve System Master Account and Services Database (https://www.federalreserve.gov/
paymentsystems/master-account-and-services-database-existing-access.htm) contains data as of November 30, 2025, on financial institutions
that use Federal Reserve Bank financial services, including those with no additional Federal regulator. FinCEN used this data to identify 365
banks and credit unions with no additional Federal regulator using Federal Reserve Bank financial services.
e 31 CFR 1010.100(t)(2).
f This estimate is based on U.S. Securities and Exchange Commission (SEC) data on active broker-dealers available at ‘‘Company Information
About Active Broker-Dealers’’ (https://www.sec.gov/foia-services/frequently-requested-documents/company-information-about-active-broker-deal-
ers), which listed 3,278 active broker-dealers registered with the SEC as of December 31, 2025.
g 31 CFR 1010.100(t)(8) and (9).
h According to the Commodity Futures Trading Commission data on FCMs available at ‘‘Financial Data for FCMs’’ (https://www.cftc.gov/
MarketReports/financialfcmdata/index.htm), there were 66 registered FCMs as of December 31, 2025. The number of IBCs as of December 31,
2025 (888) was obtained from the National Futures Association, ‘‘NFA Membership Totals’’ website (https://www.nfa.futures.org/registration-mem-
bership/membership-and-directories.html). Because deduplication of entities registered as both FCMs and IBCs was not feasible, this estimate
may double-count some entities registered in both categories. FinCEN, however, believes this subpopulation may be small.
i See 31 CFR 1010.100(t)(10); see also 31 CFR 1010.100(gg).
j This estimate is based on the number of registered investment companies filing Form N–1A in SEC’s Annual Registered Investment Company
Update: Form N–CEN Data, Period Ending December 2024, April 2025, table 1.3, p. 4 (https://www.sec.gov/files/annual-registered-investment-
company-update-20250404.pdf).
Estimated Number of Expected
Respondents: Approximately 129.92
TABLE 2—ESTIMATES OF AFFECTED FINANCIAL INSTITUTIONS BY TYPE
Financial institution type Number of entities
Banks with an FFR .............................................................................................................................................................. a 66
Banks without an FFR ......................................................................................................................................................... b 12
Broker-dealers ..................................................................................................................................................................... c 30
FCMs and IBCs ................................................................................................................................................................... d9
Mutual funds ........................................................................................................................................................................ e 12
a Data is from the Federal Financial Institution Examination Council Central Data Repository for Reports of Condition and Income (Call Re-
ports) and Uniform Bank Performance Reports, available for most FDIC-insured institutions. Using this source of data, FinCEN determines that
as of Q4 2025, approximately 66 banks (as defined by FinCEN regulations, see 31 CFR 1010.100(d)) would be affected by this proposed rule in
any given year. Specifically, as of Q4 2025, there were approximately 66 banks that reported non-zero values for deposit liabilities of banks in
foreign countries. Deposit liabilities in a foreign country is an indication that a bank maintains correspondent accounts with a foreign financial in-
stitution.
b The Board of Governors of the Federal Reserve System Master Account and Services Database contains data on financial institutions that
use Reserve Bank financial services, including those with no additional Federal regulator. FinCEN used this data to identify an additional 12
international banking entities with no additional Federal regulator and that do not file Call Reports, but that are also likely to maintain cor-
respondent accounts with a foreign financial institution.
c Broker-dealers, unless they are publicly traded, are not required to make reports indicating whether they have foreign correspondent accounts
or hold foreign deposits. FinCEN reviewed financial statement data from 10–Q and 6–K filings with the SEC and identified nine publicly traded
broker-dealers with U.S. operations that reported foreign deposits. FinCEN also examined Suspicious Activity Reports filed by broker-dealers in
2024 to identify another two non-publicly traded broker-dealers who appeared likely to be maintaining foreign deposits. However, because many
broker-dealers are not publicly traded—so there may be less information about their business publicly available—and because many did not file
Suspicious Activity Reports, FinCEN conservatively estimates that the proportion of broker-dealers with foreign correspondent accounts is similar
to the proportion for banks (approximately 0.9 percent). 0.9 percent of 3,278 active broker-dealers is approximately 30 broker-dealers assumed
to have foreign correspondent accounts.
d FCMs, IBCs, and mutual funds generally use intermediary U.S. banks to move and maintain client deposits and funds for investment. There-
fore, it is unlikely that many of these institutions maintain direct correspondent accounts with foreign financial institutions outside of their existing
upstream banking relationships. However, because these institutions may in some cases receive deposits from, make payments or other dis-
bursements, or otherwise transact directly with foreign financial institutions, FinCEN conservatively estimates that the proportion of FCMs, IBCs,
and mutual funds with foreign correspondent accounts is similar to the proportion for banks (approximately 0.9 percent). 0.9 percent of 954 active
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FCMs and IBCs is approximately nine FCMs and IBCs assumed to have foreign correspondent accounts.
e 0.9 percent of 1,355 active mutual funds is approximately 12 mutual funds assumed to have foreign correspondent accounts.
92 While this regulation applies to all covered institutions that maintain correspondent accounts this subpopulation of banks, brokers or dealers in
institutions described in Table 1, in practice the for foreign banks. Table 2 presents an estimate of securities, FCMs and IBCs, and mutual funds.
burden would only be imposed on select
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Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules 38349
Estimated Average Annual Burden in not limited to, the reasoning that not have the additional data or
Hours per Affected Financial informed decisions to adopt (or not information necessary to estimate the
Institution: adopt) new measures adding to its likelihood of issuing such a
Imposing special measure five existing risk-based approach, and those determination, or otherwise notifying
requirements as described in the Final new measures, if adopted. covered financial institutions of their
Rule was originally expected to result in new obligations, in a given year with
new, incremental recordkeeping Revised Burden Estimates
more precision than a general binary
burdens on certain covered financial For purposes of modeling the random probability (i.e., p = 0.5).
institutions as outlined below. anticipated changes in PRA burden Thus, in year two, the expected
Original Burden Estimates introduced by the proposed rule, incremental PRA burden of two hours
FinCEN considered the amendments to associated with newly defining Huione
An affected covered financial the definition of Huione Group in 31 Group to include any successor entity,
institution is expected to incur
CFR 1010.664(a) to include (1) H-Pay as defined and operationalized, reflects
recordkeeping and disclosure burdens
Service PLC and (2) any successor entity the 50 percent chance of an additional
associated with preparing and retaining
separately. Because the Final Rule four-hour burden and the 50 percent
the materials necessary to demonstrate
already required affected financial chance of no additional burden. In year
compliance with the imposition of
institutions to undertake activities A–C three, the expected incremental PRA
special measure five, which includes
in 2025, FinCEN assumes that financial burden of 2.125 hours similarly reflects
records related to:
A. Documenting the reasonable steps institutions may leverage the existing the equally weighted probabilities of
the financial institution undertakes to work already undertaken when newly successors being identified in sequential
ensure no transactions involving Huione applying special measure five to H-Pay periods.94
Group are processed for a foreign Service PLC. As such, FinCEN is Each newly identified entity is then
correspondent account.93 assigning a burden of four hours, or half subsequently expected to be integrated
B. Notifying, and documenting that the typical year-one burden, to integrate into the existing section 311 special
the financial institution has provided this newly named entity into an existing measures practices of affected financial
notice to, foreign correspondent account section 311 finding. institutions as modeled elsewhere in
holders that the financial institution FinCEN similarly expects that, in the FinCEN PRA analyses.95
knows or has reason to believe provide future, should the agency identify and Tables 3 through 5 reflect these
services to Huione Group, informing provide notice to affected financial revisions to the PRA analysis in the
such correspondents that they may not institutions of additional successor Final Rule, including the estimated
provide Huione Group with access to entities upon which the special measure average annual burden per affected
the correspondent account maintained five prohibitions would be imposed, the financial institution assigned to the
at the financial institution. same ability to leverage existing work additional collection of information in
C. Documenting the reasonable steps would attenuate the burden associated this proposed rule: four hours in year
it took with respect to special due with imposing special measures on a one, 2.25 hours in year two,96 and 2.375
diligence requirements, including but new entity. At this time, FinCEN does hours in year three.97
TABLE 3—EXPECTED PRA BURDEN HOURS PER RESPONDENT BY EFFECTIVE YEAR
Huione group Including potential
Including H-Pay
Year as defined in additional Total
service PLC
final rule successor(s)
1 ............................................................................................................... 0.25 4 n/a 4.25
2 ............................................................................................................... 0.25 0.25 2 2.50
3 ............................................................................................................... 0.05 0.25 2.125 2.425
Total Burden ..................................................................................... 0.55 4.5 4.125 9.175
93 See FinCEN, Imposition of Special Measure hour burden in s3 (there is no new successor entity Collection Requirements in Connection With the
Regarding Huione Group, as a Foreign Financial in year two but a new successor entity in year Imposition of Special Measures, 90 FR 57279 (Dec.
Institution of Primary Money Laundering Concern, three), and a 25 percent chance of an additional 10, 2025); FinCEN, Proposal of Special Measure
90 FR 48295, 48309–48311 (Section VI.D) (Oct. 16, 4.25-hour burden in s4 (there is a new successor Regarding MBaer Merchant Bank AG as a Financial
2025). entity in both years two and three). Institution Operating Outside of the United States
94 The annual outcomes are modeled as a 95 See, e.g., FinCEN, Imposition of Special
of Primary Money Laundering Concern, 91 FR
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Bernoulli process, with a general formula of Measure Regarding Huione Group, as a Foreign 10034 (Mar. 2, 2026).
expected burden (1/2n–1) × {s1, . . .,s2n–1} in year n. Financial Institution of Primary Money Laundering 96 2.25 hours = 0.25 hours associated with
When n = 3, (1/2 2) × {0, 0.25, 4, 4.25} = ((1/4) × Concern, 90 FR 48295 (Oct. 16, 2025); FinCEN,
including H-Pay Service PLC + 2 hours associated
(0)) + ((1/4) × (0.25)) + ((1/4) × (4)) + ((1/4) × (4.25)) Proposal of Special Measure Regarding
= 2.125. This reflects a 25 percent of no additional Transactions Involving Ten Mexican Gambling with the potential additional successor entity in
burden in s1 (there are no successor entities in year Establishments as a Class of Transactions of year two.
97 2.375 hours = 0.25 hours associated with
two or three), a 25 percent chance of an additional Primary Money Laundering Concern, 90 FR 51234
0.25-hour burden in s2 (there is a successor entity (Nov. 17, 2025); FinCEN, Agency Information including H-Pay Service PLC + 2.125 hours
in year two but no new successor entity in year Collection Activities; Proposed Renewal; Comment associated with the potential additional successor
three), a 25 percent chance of an additional four- Request: Renewal Without Change of Information entities in years two and three.
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38350 Federal Register / Vol. 91, No. 121 / Thursday, June 25, 2026 / Proposed Rules
TABLE 4—SUMMARY OF THE INCREMENTAL INCREASE IN PRA BURDEN RELATIVE TO THE FINAL RULE
Incremental Total Total
Number of increase in incremental
Year incremental
respondents burden hours increase in increase in cost a
per respondent burden hours
1 ......................................................................................................... 129 4 516.0 $64,283
2 ......................................................................................................... 129 2.25 290.3 36,159
3 ......................................................................................................... 129 2.375 306.4 38,168
3-Year average .................................................................................. 129 2.88 370.9 46,204
a The wage rate applied here is a general composite hourly wage ($87.61) scaled by a private sector benefits factor of 1.42 ($124.58 = $87.61
× 1.42). This incorporates Bureau of Labor Statistics mean wage data associated with six occupational codes (11–1010: Chief Executives; 11–
3021: Computer and Information Systems Managers; 11–3031: Financial Managers; 13–1041: Compliance Officers; 23–1010: Lawyers and Judi-
cial Law Clerks; 43–3099: Financial Clerks, All Other) for each of the nine groupings of North American Industry Classification System industry
codes that FinCEN determined are most directly comparable to its 11 categories of potentially affected financial institutions as delineated in 31
CFR parts 1020 to 1030. See Bureau of Labor Statistics, May 2024—National industry-specific and by ownership, https://www.bls.gov/oes/ta-
bles.htm. Given that many occupations provide benefits beyond wages (e.g., insurance and paid leave), FinCEN applies the private sector ben-
efit factor to the unloaded wage rate to reflect the total cost to the employer. The benefit factor is the ratio of total compensation (which includes
wages and benefits) to wages. Total compensation = $43.94 and Wages and salaries = $30.90 (1.42 = $43.94 ÷ $30.90) as of June 2024, based
on the private industry workers series data downloaded from the Bureau of Labor Statistics, Employer Costs for Employee Compensation data,
https://www.bls.gov/news.release/archives/ecec_09102024.pdf.
TABLE 5—ANNUAL TIME BURDEN: THREE-YEAR AVERAGES
Original Incremental
Total hours Total
(final rule) a (NPRM)
Per Respondent ........................................................................................................................... 0.18 2.88 3.06
On Aggregate .............................................................................................................................. b 23.65 370.88 394.53
a The per-respondent burden for the Final Rule reflects the average annual burden for years two through four to ensure comparability with the
annual averages for years one through three of this proposed rule.
b The burden was calculated by applying the per-respondent burden from the Final Rule (0.18 hours) to the updated number of expected re-
spondents (129) rather than the number of expected respondents under the Final Rule (127).
FinCEN invites comments on: (1) improve the accuracy of its burden and Authority: 12 U.S.C. 1829b and 1951–1959;
whether the collection of information cost estimates. 31 U.S.C. 5311–5314, 5316–5336; title III,
found in section 1010.664(b)(4) is 3. Do FinCEN’s expectations about the sec. 314, Pub. L. 107–56, 115 Stat. 307; sec.
2006, Pub. L. 114–41, 129 Stat. 458–459; sec.
necessary for the proper performance of likelihood of additional successor 701 Pub. L. 114–74, 129 Stat. 599; sec. 6403,
the mission of FinCEN, including entities being identified comport with Pub. L. 116–283, 134 Stat. 3388.
whether the information will have market expectations? Are FinCEN’s
■ 2. Amend 1010.664 to read as follows:
practical utility; (2) the accuracy of expectations about the burden
FinCEN’s estimate of the burden of the associated with naming additional 1010.664 Special measures regarding
collection of information; (3) ways to successor entities reasonable? Huione Group.
enhance the quality, utility, and clarity 4. Is FinCEN’s characterization of a (a) * * * * *
of the information required to be diminishing cost profile over time in (1) Huione Group. The term ‘‘Huione
maintained; (4) ways to minimize the connection with the imposition of Group’’ means all subsidiaries,
burden of the required collection of section 311 special measures a branches, offices of Huione Group
information, including through the use reasonably accurate representation of operating as a financial institution in
of automated collection techniques or market practices? If not, please provide any jurisdiction outside of the United
other forms of information technology; data, studies, reports, or anecdotal States, including Haowang Guarantee
and (5) estimates of capital or start-up information that would allow FinCEN to (formerly known as Huione Guarantee),
costs and costs of operation, improve the accuracy of its burden and Huione Pay PLC, Huione Crypto Spó5ka
maintenance, and purchase of services cost estimates. Z Ograniczona˛ Odpowiedzialnościa˛ (d/
to report the information. b/a Huione Crypto), and H-Pay Service
VII. Regulatory Text
Additional Requests for Comment PLC, as well as any successor entity.
List of Subjects in 31 CFR Part 1010 * * * * *
1. Do FinCEN’s expectations for how (6) Successor Entity. The term
Administrative practice and
additional entities would be integrated ‘‘successor entity’’ means any person
procedure, Banks, Banking, Brokers,
into ongoing compliance activities with that replaces Huione Group by acquiring
Crime, Foreign banking, Terrorism.
the existing Final Rule comport with its assets, in whole or in part, and/or
industry practices? If not, how Authority and Issuance carrying out the affairs of Huione Group
substantively does this affect the
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For the reasons set forth in the under a new name.
conclusions of FinCEN’s analysis? * * * * *
preamble, FinCEN proposes amending
2. Are FinCEN’s estimates of burden 31 CFR part 1010 to read as follows:
and cost generally consistent with the Jimmy L. Kirby,
experience of affected financial PART 1010—GENERAL PROVISIONS Deputy Director, Financial Crimes
institutions? If not, please provide data, Enforcement Network.
studies, reports, or anecdotal ■ 1. The authority citation for part 1010 [FR Doc. 2026–12794 Filed 6–24–26; 8:45 am]
information that would allow FinCEN to continues to read as follows: BILLING CODE 4810–02–P
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