Overview
- The Office of the Comptroller of the Currency formally denied Wise's national trust bank application on July 24, 2026, citing significant supervisory and anti‑money‑laundering weaknesses and saying the proposed management and board had not shown sufficient expertise to manage AML/CFT risks.
- Wise said the OCC reviewed an application submitted more than a year ago, that it has since upgraded customer checks and financial‑crime controls, and that its US business will continue operating under existing money‑transmitter licences across 48 states and four territories.
- Investors reacted sharply with Wise's shares falling as much as 11% on the day of the ruling, reflecting concern that the denial will slow the company’s US growth timetable.
- A national trust bank charter would have let Wise hold a Federal Reserve master account and route US dollar flows through its own payment rails, reducing reliance on correspondent banks and lowering operating costs for cross‑border transfers.
- The OCC decision follows a roughly $4.2 million US AML settlement and recent Belgian probes into suspicious flows; Wise says it will reapply under the GENIUS Act and regulators will likely review whether its consent‑order compliance fixes meet federal standards before any new approval.