Wise US bank charter ambitions suffered a setback after the Office of the Comptroller of the Currency rejected the payment firm’s application over anti-money-laundering deficiencies. Wise shares fell 11% within 24 hours after Thursday’s decision.
The London-based fintech sought the charter to expand in the US after moving its primary listing to Nasdaq in May. Unlike some applicants that withdraw before a formal denial, Wise allowed the process to continue, making the OCC’s decision an outright rejection.
OCC Cites Compliance and Experience Concerns
The OCC referred to Wise’s July 2025 Multi-State Consent Order with several US states. That settlement addressed weaknesses in the company’s anti-money-laundering program, including delays in filing suspicious activity reports linked to possible criminal fund movements.
Citing the Financial Times, the regulator also found that Wise “has no historical experience with fiduciary activities” and said its proposed management had not demonstrated enough relevant experience.
Wise said it has upgraded its US controls since the consent order. “In response to the Consent Order, we have strengthened our local U.S. program, enhanced our investigation and reporting processes, improved the integrity of the data we collect from our customers and increased resourcing for our local compliance program,” the company said.
The firm added that it works with the UK Financial Conduct Authority and the National Bank of Belgium on those controls.
Wise Plans New Filing Under GENIUS Act
Wise originally based its application on securing a Federal Reserve master account, which would provide direct access to the US payment system. The Federal Reserve proposed changing that policy in May 2026 and paused access for uninsured trust banks.
Wise now describes that foundation as non-viable and plans to submit a new application under the GENIUS Act. The company said its infrastructure can connect stablecoins with traditional payment systems as digital assets become more widely used.
The rejection does not change customer services. Wise continues operating through money transmitter licences in 48 US states and four territories, among more than 80 licences worldwide.
Crypto Firms Secure Conditional OCC Approvals
The denial comes after the OCC conditionally approved national trust charters for Ripple, BitGo, Paxos, Circle, and Fidelity Digital Assets in December 2025. In May 2026, it also approved Nomura’s Laser Digital, the first such approval for a Japanese bank subsidiary.
At least 15 digital-asset companies have applied for OCC charters since early 2025. Revolut also filed a fresh US charter application after ending an earlier effort.
Wise served about 19 million customers and processed more than $240 billion in cross-border payments during fiscal 2026. The US generated about 15% of revenue, while the company reported nearly $500 million in earnings on $2.5 billion in revenue for the year ending in March.
