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US Treasury Expands Sanctions on Southeast Asian Scam Network, Targets New Payment Firm
On June 23 2026, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) widened its clamp‑down on a Southeast‑Asian fraud ring by adding nine individuals and 26 entities to the sanctions list that already named the Prince Group.
The move follows a wave of restrictions issued in October 2025 that first flagged the Prince Group, a Cambodian conglomerate with interests in real‑estate, banking and airlines, as a transnational criminal organization. The new action brings additional senior figures, investors and companies tied to the network under the same umbrella.
OFAC’s statement underscores the scale of the problem: Americans lost more than $10 billion to scam operations linked to the Prince Group in 2024—a 66 % jump from the previous year. The conglomerate has run a network of “scam compounds” in Cambodia and Myanmar that prey on U.S. consumers through online fraud schemes, including so‑called pig‑butchering scams and cryptocurrency investment scams.
In tandem with the sanctions, FinCEN released a 34‑page proposal to amend an October 2025 rule that bars U.S. financial institutions from maintaining correspondent accounts for the Huione Group. The amendment would explicitly include H‑Pay Service PLC and any future successor entities. H‑Pay has effectively taken over the business role previously occupied by Huione Pay after the latter lost its Cambodian payment‑services license.
FinCEN points to evidence that H‑Pay inherited Huione Pay’s branches, customer base, branding elements and operational footprint. The agency cites reports of H‑Pay signage replacing Huione Pay branding at multiple locations following regulatory actions against the company. By tightening the rule, FinCEN aims to stop Huione‑linked operations from slipping through under a new corporate name.
The Treasury’s broadened sanctions are part of a wider effort to disrupt overseas fraud operations that target U.S. victims. The action was coordinated with several international partners and accompanied by separate law‑enforcement initiatives aimed at dismantling the infrastructure used to facilitate the scams. Treasury Secretary Scott Bessent said the administration would continue to use “every available tool” to dismantle overseas criminal enterprises responsible for large‑scale fraud against Americans.
The Prince Group has been accused of operating scam compounds that employ forced labor to run online schemes. The group is also alleged to have used its network to transfer and consolidate proceeds from cryptocurrency investment scams. Huione Group, a Cambodian financial conglomerate, has been linked to similar activities and was previously designated by FinCEN as a financial institution of primary money‑laundering concern.
While OFAC’s announcement does not list the individual names, it confirms that nine persons and 26 entities have been added to the sanctions list. If adopted, FinCEN’s proposed rulemaking would extend the October 2025 restrictions to cover H‑Pay Service PLC and any successor entities, closing a loophole that could allow Huione‑linked operations to continue under a new corporate name.
Together, the OFAC sanctions and FinCEN proposal represent a coordinated response to the evolving tactics of Southeast‑Asian scam networks that increasingly rely on digital assets. By expanding sanctions and tightening regulatory definitions, the Treasury seeks to reduce these networks’ ability to launder proceeds and to protect U.S. consumers from further losses.
The outcome of FinCEN’s proposal will be decided after a public comment period. The Treasury has not announced any immediate changes to the enforcement of existing sanctions beyond the new additions. The broader impact on the crypto‑scam ecosystem will depend on how quickly U.S. financial institutions and international partners implement the expanded restrictions.
In short, the Treasury has broadened its sanctions against the Prince Group and proposed to extend restrictions to H‑Pay Service PLC—a company that emerged from the former Huione Pay. The moves are part of an ongoing strategy to curb online fraud and money‑laundering activities that have caused significant losses to U.S. consumers.
The move follows a wave of restrictions issued in October 2025 that first flagged the Prince Group, a Cambodian conglomerate with interests in real‑estate, banking and airlines, as a transnational criminal organization. The new action brings additional senior figures, investors and companies tied to the network under the same umbrella.
OFAC’s statement underscores the scale of the problem: Americans lost more than $10 billion to scam operations linked to the Prince Group in 2024—a 66 % jump from the previous year. The conglomerate has run a network of “scam compounds” in Cambodia and Myanmar that prey on U.S. consumers through online fraud schemes, including so‑called pig‑butchering scams and cryptocurrency investment scams.
In tandem with the sanctions, FinCEN released a 34‑page proposal to amend an October 2025 rule that bars U.S. financial institutions from maintaining correspondent accounts for the Huione Group. The amendment would explicitly include H‑Pay Service PLC and any future successor entities. H‑Pay has effectively taken over the business role previously occupied by Huione Pay after the latter lost its Cambodian payment‑services license.
FinCEN points to evidence that H‑Pay inherited Huione Pay’s branches, customer base, branding elements and operational footprint. The agency cites reports of H‑Pay signage replacing Huione Pay branding at multiple locations following regulatory actions against the company. By tightening the rule, FinCEN aims to stop Huione‑linked operations from slipping through under a new corporate name.
The Treasury’s broadened sanctions are part of a wider effort to disrupt overseas fraud operations that target U.S. victims. The action was coordinated with several international partners and accompanied by separate law‑enforcement initiatives aimed at dismantling the infrastructure used to facilitate the scams. Treasury Secretary Scott Bessent said the administration would continue to use “every available tool” to dismantle overseas criminal enterprises responsible for large‑scale fraud against Americans.
The Prince Group has been accused of operating scam compounds that employ forced labor to run online schemes. The group is also alleged to have used its network to transfer and consolidate proceeds from cryptocurrency investment scams. Huione Group, a Cambodian financial conglomerate, has been linked to similar activities and was previously designated by FinCEN as a financial institution of primary money‑laundering concern.
While OFAC’s announcement does not list the individual names, it confirms that nine persons and 26 entities have been added to the sanctions list. If adopted, FinCEN’s proposed rulemaking would extend the October 2025 restrictions to cover H‑Pay Service PLC and any successor entities, closing a loophole that could allow Huione‑linked operations to continue under a new corporate name.
Together, the OFAC sanctions and FinCEN proposal represent a coordinated response to the evolving tactics of Southeast‑Asian scam networks that increasingly rely on digital assets. By expanding sanctions and tightening regulatory definitions, the Treasury seeks to reduce these networks’ ability to launder proceeds and to protect U.S. consumers from further losses.
The outcome of FinCEN’s proposal will be decided after a public comment period. The Treasury has not announced any immediate changes to the enforcement of existing sanctions beyond the new additions. The broader impact on the crypto‑scam ecosystem will depend on how quickly U.S. financial institutions and international partners implement the expanded restrictions.
In short, the Treasury has broadened its sanctions against the Prince Group and proposed to extend restrictions to H‑Pay Service PLC—a company that emerged from the former Huione Pay. The moves are part of an ongoing strategy to curb online fraud and money‑laundering activities that have caused significant losses to U.S. consumers.
