The United States has declined Wise's application for a national trust bank charter, the company announced.
Wise's stock price dropped after the news, according to reports.
US Denies Wise's Application for National Trust Bank Charter
Wise's stock fell after the U.S. rejected its bank charter application.
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The US regulator rejected Wise's application specifically due to identified compliance deficiencies. The authority further cited concerns regarding the company's understanding of banking law and the effectiveness of its anti-money laundering checks.
The US regulator rejected Wise's application due to identified compliance deficiencies, specifically citing concerns over anti-money laundering protocols and the company's grasp of banking law. Following the announcement, Wise Group shares experienced a decline of up to 11% on Friday.
The US regulator rejected the bank licence bid due to compliance deficiencies, specifically citing concerns over Denies Wise's Application's anti-money laundering controls and understanding of banking law. Following the announcement, shares of the U.K.-headquartered and U.S.-listed firm Wise Group fell by as much as 11% on Friday.
The US regulator rejected the bank licence bid due to 'compliance deficiencies,' specifically citing concerns regarding anti-money laundering controls and the applicant's grasp of banking law. Following the announcement, shares of the U.K.-headquartered and U.S.-listed firm Wise Group declined by up to 11% on Friday.
The US regulator rejected the bank licence bid due to compliance deficiencies, specifically citing concerns over anti-money laundering checks and the applicant's understanding of banking law. Following this news, Wise Group shares fell by as much as 11%. Despite the rejection, the company intends to resubmit its application under the GENIUS Act framework.
The US regulator rejected the application citing compliance deficiencies, specifically raising concerns over anti-money laundering controls and the applicant's understanding of banking law. Following this development, Wise Group shares dropped by up to 11% on Friday. Meanwhile, the company announced its intention to resubmit the bid under the GENIUS Act framework.
The US Office of the Comptroller of the Currency denied Denies Wise's Application’s national trust bank charter application on July 22, 2025, citing compliance deficiencies, AML/CFT risks, and incompatibility with new payment system access policies. Following this rejection, Wise Group shares dropped by 11% on Friday, with the company noting that the approach of its original filing became non-viable due to the Federal Reserve pausing account access for uninsured trust banks. Wise Group now plans to resubmit its application under the framework provided by the GENIUS Act.
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