On July 29, 2020, the Commissioner of the North Dakota Department of Financial Institutions revoked the money transmitter license of Olympic Financial Group, Inc., which is based in Minneapolis, Minnesota, and operates in North Dakota through delegates Safari Market in Grand Forks and Somali Business Center in Fargo.
Money transmission activity includes receiving money or monetary value to send to a location within or outside of the United states on another person's behalf. To lawfully engage in the business of money transmission, a license is required under North Dakota Century Code Chapter 13-09.
The Commissioner has found that Olympic Financial Group has failed to comply with North Dakota laws. In order to protect the public, including new Americans, the Commissioner has ordered Olympic Financial Group to cease providing money transmitter services in North Dakota. Order