Wise’s application for a US banking licence has been rejected by the Office of the Comptroller of the Currency (OCC) due to "longstanding deficiencies" in its anti‑money laundering checks and a lack of understanding of US banking law. The OCC letter stated that Wise US had not demonstrated a comprehensive grasp of money‑laundering rules or the fiduciary responsibilities of national banks, and that its proposed management lacked sufficient experience. As a result, Wise shares fell 9 % in morning trading.

Wise said its business and compliance have matured significantly since submitting the original application over a year ago, and that the earlier filing is now out of date because of the Trump administration’s Genius Act, which regulates cryptocurrency companies. It plans to submit a fresh application under the Genius Act framework to access the federal payments network while maintaining a positive relationship with the Office of the Comptroller of the Currency (OCC).

The rejection adds to recent regulatory setbacks for Wise. Belgian authorities are investigating potential money‑laundering offences linked to its accounts, causing its shares to drop as much as 20 % last month. Last year, Wise’s US subsidiary was fined $4.2 million for violating the Bank Secrecy Act and AML laws. The company serves 19 million users worldwide, was founded in 2011, and specialises in low‑cost international money transfers.

Under the Trump administration, the OCC has adopted a lighter‑touch approach to banking licence approvals, assisting fintechs such as Revolut and Klarna in pursuing similar accreditations.