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From America to Somalia, Money Takes an Ever Stranger Route
By Kira Zalan
printU.S. bank restrictions have exacerbated the troubles of Somali money services businesses to the point that companies and individuals alike are resorting to complex workarounds to send money to the East African nation. Merchants Bank of California, one of the last American banks to facilitate money transfers to Somalia, dropped its accounts for the remittance companies last month, citing regulatory pressure. The closures have left the Somali-American community with a handful of small banks, at best, through which to remit money to Somalia. With few options, several money services businesses (MSBs) have begun to use cash couriers to deliver client...
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