For Somalis, U.S. Remittance Crackdown Cuts Deep

More U.S. banks are dropping Somali money transmitters as regulators crack down on the risk of terrorist financing at remittance houses serving the war-torn East African nation. Banks are familiar with regulatory tight spots, but rarely do their responses have life and death consequences, as is the case here.

Source: www.americanbanker.com

The woes of money transmitters… #Banking. The list of banks willing to work with MSB is growing shorter by the day.

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