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

Wise, the London-based cross-border payments group, applied to the Office of the Comptroller of the Currency on June 16, 2025, to establish Wise National Trust in Austin, Texas. The proposed institution would offer stored-value accounts and debit cards, fiduciary services and payment processing. The charter was central to Wise’s effort to reduce reliance on intermediaries and seek direct access to Federal Reserve payment infrastructure, making the application an important test of whether a large fintech could move deeper into the U.S. federal banking system.

The OCC rejected the application in a July 21, 2026 decision, citing significant supervisory and compliance concerns, including weaknesses in AML/CFT controls, suspicious-activity reporting and the proposed leadership’s experience. Wise US had agreed to a $4.2 million penalty under a July 2025 multistate consent order. Wise said on July 24 that it had strengthened investigations, reporting, data integrity and compliance staffing and would reapply under a GENIUS Act framework. Its existing operations across 48 states, four territories and more than 80 licenses globally are unaffected.

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.