ND DFI News

ND DFI Joins $80M Cash App Enforcement Action

The North Dakota Department of Financial Institutions, along with 48 other state agencies, has joined a multistate settlement with Block Inc. and its Cash App service. Block Inc. will pay an $80 million penalty to resolve violations of Bank Secrecy Act and anti-money laundering laws.

ND DFI Reaches Agreement with Sigue Corp. Over Customer Obligations

The North Dakota Department of Financial Institutions (DFI) has reached a final agreement with money transmitter Sigue Corp. and its owner for failing to fulfill customer obligations and maintain adequate financial standing. The agreement results in the surrender of Sigue's and GroupEx's money transmitter licenses and restricts the owner's future involvement in the industry.

ND DFI Issues Cease and Desist Order to BHG Financial LLC

The North Dakota Department of Financial Institutions (DFI) issued a cease and desist order against BHG Financial LLC for conducting unlicensed money brokering activities and engaging in deceptive practices. The DFI also denied BHG's license application and imposed $7.1 million in civil money penalties.

Binance.US Consent Order - Cease Money Transmission in North Dakota

The North Dakota Department of Financial Institutions has entered into a Consent Order with BAM Trading Services, Inc. d/b/a Binance.US. Under the order, Binance.US will cease all money transmission activities in North Dakota and its license will be terminated.

Order Denies Trust Company of the Dakotas Organization Certificate

The North Dakota Department of Financial Institutions has denied the application for an organization certificate for Trust Company of the Dakotas. The company is therefore not authorized to transact business as a trust company in the state.