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.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Jan 15, 2012

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.

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A group of Twin Cities Somalis are frustrated with banks no longer willing to transfer money to Somalia. In response, Somali-American customers are removing their money and closing bank accounts. They want banks to restore the wire service to Africa. Banks fear the money transfers could violate anti-terror regulations.

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 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.

The head of Tawakal Money Express in Minneapolis says emergency wire transfers of less than $500 dollars will be serviced, citing a need for people who say there families in Somalia rely on the funds. Fifteen Minnesota banks halted transfers last week, fearing a violation of terror financing rules.

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.

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.

Hundreds of Somalis gathered in Minneapolis Saturday urging lawmakers and banks to find a resolution so they can continue to send money to loved ones in East Africa countries. Some banks have stopped the service with concerns the money is going to help terrorist organizations. As many as 500 Somali Minnesotans have threatened to close their accounts without a solution.

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.

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