Aug 3 , 2025
The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia’s economy, supporting households and supplying critical foreign currency. But as the industry shifts from traditional banking channels to digital platforms, the NBE insists that all fund transfers must pass through licensed entities to prevent money laundering, market manipulation, and financing of illicit activities. Among the firms named is Shgey LLC, which operates under the name Shgey Money Transfer and maintains offices in Silver Spring, Maryland, and Falls Church, Virginia. The central bank alleges the company is conducting operations without proper oversight. Similar concerns were raised about Adulis Money Transfer, which operates online and has physical branches in the same locations. Ramada Pay, also known as Kaah Express, was also included in the NBE's alert. Its online presence and services, despite appearing legitimate, lack regulatory backing. The World Bank has flagged challenges in verifying such businesses, particularly in the absence of records on platforms like the NMLS Consumer Access portal or state registries such as Virginia’s State Corporation Commission (SCC), which governs financial licensing and corporate oversight. The most serious case involves TAAJ Money Transfer, based in Minneapolis, Minnesota. According to the U.S. Attorney's Office for the Southern District of California, the company pleaded guilty on June 26, 2024, to violating the Bank Secrecy Act. Prosecutors revealed the company operated without a California license, failed to report large transactions, and wired over 66 million dollars overseas without proper documentation. TAAJ agreed to forfeit 700,000 dollars and enter a deferred prosecution agreement, facts that the NBE points to as proof of systemic risk. The central bank warned that while some services present a façade of legitimacy, many operate beyond the legal frameworks meant to protect consumers and financial stability. It urged members of the Ethiopian diaspora to use official, licensed money transfer services to ensure compliance and prevent their funds from being inadvertently used in criminal or destabilising activity. The NBE's continued investigation, along with international cooperation, marks a deeper effort to curb unregulated remittance networks and enforce transparency in Ethiopia’s growing financial ecosystem.
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