London-listed shares in fintech company Wise Group fell after U.S. regulators denied its application for a national trust bank license, citing deficiencies in its program to combat money laundering and terrorism financing.

In European morning trading Friday, London-listed shares fell as much as 11% before recovering somewhat. Wise, which earlier this year moved its primary listing to the Nasdaq, said it invested significantly in enhancing its processes and controls in the U.S. and globally since it prepared the original application, including those to prevent financial crime alongside other forms of risk.

The company plans to submit a new application for a national trust bank charter under the framework of the Genius Act, it said, referring to President Trump's landmark stablecoin law. Trust banks typically don't take deposits or make loans.