Skip to main content

Bank agrees to delay halt of money transfers to Somalia

A Minnesota-based bank is holding off its decision to stop money transfers to Somalia. Sunrise Bank is moving to stop the money wiring service because of the risk of putting money into terrorists hands.
  • Author:
  • Updated:
    Original:

A Minnesota-based bank is holding off its decision to stop money transfers to Somalia. Sunrise Bank is moving to stop the money wiring service because of the risk of putting money into terrorists hands.

Next Up

Crisp & Green

Crisp & Green opening 13th store in Twin Cities in July

The fast-casual salad and grains restaurant has exploded onto the food scene.

FLickr - Target Field 2019 - mark grabe

Twins to host post-game concert with country star at Target Field

Country singer Cole Swindell is expected to perform for up to 75 minutes after the conclusion of the Blue Jays-Twins contest.

10974344_886755688011981_7448860726679919201_o

Canton Restaurant closes after nearly 40 years in Burnsville

It's the end of an era in the Twin Cities restaurant world.

Screen Shot 2022-06-27 at 12.47.20 PM

Luck strikes in Minnesota: lottery winners in Duluth, Grand Marais

The North Shore just so happened to be a lucky place to be this past weekend.

covid

Minnesota's COVID-19 update for Monday, June 27

BA.5 is expected to become the dominant subvariant in Minnesota.

police lights squad car

60-year-old woman arrested after firing shots inside Spicer home

SWAT evacuated nearby residents during the incident.

Florida Georgia Line

Florida Georgia Line booked to play at the Minnesota State Fair

The band is the second country music act to be booked this year.

monkeypox

First case of monkeypox confirmed in Minnesota

The Minnesota Department of Health says the risk to the public is "considered low" at this time.

lightning, storm

Isolated severe weather in Minnesota on Tuesday and Wednesday

Definitely not a slam dunk either day, but the chance is there.

ambulance

Driver ejected in fatal crash on Shepard Road in St. Paul

The driver of a Dodge Ram was ejected and died at the scene.

Related

Wire transfer businesses halt service to Somalia

Money wire services stopped taking cash bound for Somalia. The action comes after Sunrise Community Bank refused to continue the service, fearing they would be breaking U.S. law if the money ended up in the hands of terrorists.

Bank working on fix as Somalis fret over money transfer shutdown

Minnesota Somalis are worried after news that the money transfer company that handles most of the community's transactions with Somalia is shutting down amid fears that it may have a hand in routing cash to terrorists. Federal officials say Somalis in America send $100 million a year back to relatives in Somalia, which lacks a formal banking system.

Islamic center threatens to close Wells Fargo accounts if bank doesn't resume transfers to Somalia

The director of an Islamic center in Minneapolis says members will close their accounts on May 1 if Wells Fargo doesn't reopen money transfers to the war-torn country, where many Somalis rely on money from friends and family in the United States. The bank decided to shut down transfers to Somalia in 2008. "Really, all I can say is that it was a business decision that was made," a bank spokeswoman tells the Minnesota Daily.

Somali officials plead with U.S. to keep bank transfers flowing from Minnesota

The bank that handles most of the money transfers from Minnesota to Somalia plans to shut down the service. Sunrise Community Banks fears the program could be violating federal laws meant to clamp down on funds flowing to terrorist groups. But Somali officials say the money provides an essential lifeline to relatives in the war-ravaged country and that shutting down the service could lead to a serious humanitarian crisis.

Somali money transfers are flowing, but future is uncertain

The Star Tribune reports most of the shops have reopened, but they're using out-of-state banks or credit and often refusing to name their new business partners. Many U.S. banks have stopped wiring money to Somalia because they fear they'll violate new federal rules aimed at clamping down on terrorism funding.

Somalis prepare protest, say end of money transfers will devastate country

Somalis are rallying in Minneapolis on Friday afternoon to protest Sunrise Community Banks decision to halt a money transfer service. The bank fears the service was violating federal rules meant to clamp down on the funding of terrorism. But Somalis both here and abroad say the service is crucial to helping relatives in Somalia and that ending it could trigger a humanitarian crisis.

Money transfer businesses still serving Somalis

The Fourm of Fargo-Moorhead reports three money transfer brokers are still operating in Moorhead. Sunrise Community Banks ended the wire service to Africa in late December. Banks fear they could unknowingly be violating federal rules against funding terrorism. Minnesota is home to 25,000 Somalians, many of whom send money to Africa to support their families.

Minnesota Somalis plan protest Friday when money transfers end

The bank that handles most of the money transfers from Minnesota's Somalis to relatives back home plans to shut down the service on Friday. Sunrise Community Banks says it fears it could violating rules meant to clamp down on the funding of terrorists. But Somalis say their families depend on the money and ending the service could create a humanitarian crisis.