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Event File FINTECH Anti-Money Laundering (AML) Office of the Comptroller of the Currency Regulatory Compliance

OCC Orders Wise and Crypto.com Sponsor Bank to Fix AML Program

1 reports · First detected 2026-05-26 · Last active 2026-05-26

Community Federal Savings Bank serves as a U.S. sponsor bank for fintech companies including Wise and Crypto.com, handling payments and banking services on their behalf. The bank has significantly expanded its wire transfer, ACH and cross-border payment businesses since 2020, increasing transaction volumes and international exposure without strengthening its BSA/AML controls in step. Its deficiencies could therefore affect numerous end customers across its partner network.

The OCC issued a consent order against the bank on April 24, 2026, and made it public on May 21, citing failures in internal controls, customer due diligence, independent testing and suspicious activity monitoring. The order imposed no fine, leaving the penalty at $0. The board must establish a compliance committee of at least three members within 15 days, submit a remediation plan within 90 days, and hire an outside consultant to conduct a comprehensive AML review, examine historical transactions and file or amend SARs where necessary.

All Coverage

1 original reports
AMERICANBANKER.COM 2026-05-26
Sponsor bank for Wise, Crypto.com told to fix AML program

The Backstory

The history behind this event
Wise Faces Belgian Probe Over Alleged Anti-Money Laundering Failings2026-06-02 · 1 reports · similarity 0.80

Wise provides cross-border payment and remittance services to large numbers of individual and corporate customers in Europe through its branch network. Belgian prosecutors are investigating possible shortcomings in its anti-money laundering controls and suspicious-transaction monitoring. The case concerns financial institutions’ responsibility to prevent illicit funds from moving across borders and could affect Wise’s operating licenses and market confidence.

As of July 20, 2026, reports said the suspicious transactions under investigation exceeded €500 million. Wise shares plunged 8% in a single session after the investigation became public. This is also the company’s third compliance challenge following regulatory action in the United States. Attention will now turn to whether Belgian prosecutors bring charges and what penalties may follow.

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