Money moves a lot faster and a lot farther than when Bureau of Financial Institutions Commissioner Joe Face got started as a state bank examiner four decades ago. His bureau’s latest effort to protect Virginians had it eyeing money transfers to Somali refugee camps.
On the SCC's front line for consumer protectionIn 2021, the Bureau of Financial Institutions wanted a look at the books of Hashi Money Wiring, a Washington state-based firm with an agency in Northern Virginia. The firm does most of its business sending money to Somalia and to Somali refugees in neighboring nations.Such examinations are routinely required to make sure that money transmitting companies are complying with state law requiring, among oth...
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