US Treasury Broadens Action Against Huione-Linked HPay, Targets Prince Group Network

The U.S. Treasury Department is intensifying its campaign against a Southeast Asia-based fraud ecosystem, rolling out new sanctions and proposing tighter restrictions aimed at HPay, a payments company regulators say rose from the remnants of the Huione Group. In a coordinated action announced on 23 June, the Treasury's Office of Foreign Assets Control (OFAC) sanctioned nine individuals and 26 entities tied to the Prince Group Transnational Criminal Organization (TCO). U.S. authorities describe the Cambodia-based network as running scam compounds and laundering proceeds from cybercrime and crypto investment fraud. In parallel, the Financial Crimes Enforcement Network (FinCEN) proposed changes to its existing restrictions on Huione Group to explicitly cover HPay Service PLC and any future successor entities. The proposal underscores a growing focus by U.S. regulators on what they see as efforts by sanctioned or restricted firms to keep operating under new names. FinCEN's 34-page proposal argues that HPay effectively stepped into the role previously held by Huione Pay after Huione Pay lost its Cambodian payment services license and came under heightened international scrutiny. FinCEN says HPay took over Huione Pay's branches, customer base, branding elements, and operational footprint, citing reports that HPay signage replaced Huione Pay branding at multiple locations following regulatory action. FinCEN is seeking to amend its October 2025 rule that barred U.S. financial institutions from maintaining correspondent accounts for Huione Group. The update would ensure HPay and any future successor entities fall under the same restrictions, which FinCEN says is needed to prevent Huione-linked operations from evading existing measures. Treasury officials said scam centers across Southeast Asia continue to target Americans through online fraud schemes that often rely on digital assets. Treasury estimates Americans lost at least $10bn to Southeast Asia-based scam operations in 2024, up 66% from the prior year. Many cases involve so-called crypto investment scams, where fraudsters cultivate trust online and steer victims to fake investment platforms that ultimately steal deposited funds. Treasury said Huione Group functioned as a key node for laundering proceeds from cyber heists and virtual currency investment scams, and alleged the Prince Group used the network to transfer and consolidate scam-derived assets. Beyond the proposed HPay restrictions, OFAC's latest measures target senior figures, investors, and companies allegedly connected to the Prince Group enterprise. Treasury said the sanctions build on earlier actions taken in October 2025 and form part of a broader effort to disrupt overseas fraud operations aimed at U.S. victims. The move was coordinated with international partners and accompanied by separate law enforcement actions targeting infrastructure allegedly used to facilitate the scams. Secretary of the Treasury Scott Bessent said the administration would continue using every available tool to dismantle overseas criminal enterprises responsible for large-scale fraud against Americans. Final Summary: Treasury sanctioned 35 targets linked to the Prince Group, while FinCEN moved to expand restrictions to include HPay. Regulators say HPay emerged from Huione's operations.