FARGO, N.D. (AP) - A North Dakota bank is the latest financial institution in the U.S. and elsewhere that has decided to close the accounts of companies that transfer or convert money, a trend that has upset Somalis who want to send money home.
Fargo-based Bell State Bank officials say the federal government has called for stricter regulations for dealing with cash-intensive money service businesses and they can't risk massive fines.
The bank says it doesn't like to lose any business, but adds it has dropped all transfer companies and the Somalia accounts were a small part of that sector.
Many banks dumped money services businesses after 9/11 over fears the money was going to terrorist groups. One of Britain's largest banks, Barclays, decided recently to dump customers who were sending money to Somalia.