Wise bank charter bid to be refiled after OCC denial

Wise will seek a fresh Wise bank charter in the United States after the Office of the Comptroller of the Currency rejected an earlier application from Wise US Holdings, an indirect subsidiary of the cross-border payments company. The OCC said the proposal raised supervisory and compliance concerns tied to anti-money laundering and counter-terrorist financing controls, while Wise said it plans to file again under a GENIUS Act framework.

The company said Friday, July 24, that it would submit a new application for a U.S. national trust bank charter. The OCC’s corporate decision, dated Tuesday, July 21, denied the application Wise had filed more than a year earlier.

A national trust bank charter would place the proposed entity under federal OCC oversight and bring bank-level compliance obligations, including additional AML/CFT requirements. The OCC review covers whether the organizers, proposed directors and managers, business plan and risk controls are adequate for the proposed banking activities.

Why did the OCC reject Wise's bank charter application?

The OCC said Wise had not yet fixed deficiencies in its AML/CFT program, had not adequately addressed weaknesses in the risk management framework proposed for the bank, and had not shown in its application that the proposed institution could meet the AML/CFT duties that apply to banks.

The regulator also cited a July 2025 multistate consent order involving Wise US and AML/CFT program deficiencies. According to the OCC, that order, information from other regulators and its own review of Wise’s proposed compliance arrangements informed the denial.

PYMNTS reported in July 2025 that six state regulators reached a $4.2 million multistate settlement with Wise US over allegations of shortcomings in the company’s AML/CFT program.

The OCC also found that the organizers had not chosen directors and management officials with sufficient AML/CFT experience. It said the proposed national trust bank would have high AML/CFT risks and that the organizers had not demonstrated enough experience with banking laws and regulations tied to fiduciary activities.

In its decision, the OCC said the application presented significant supervisory and compliance issues. The regulator also said the denial did not bar Wise from filing a new de novo charter application.

What Wise says it will change

Wise said that since the original filing it has made changes in response to feedback received from the OCC during the review process and to meet the requirements of the July 2025 multistate consent order.

The company also pointed to U.S. regulatory developments since the first application, including the enactment of the GENIUS Act and changes in Federal Reserve policy on direct access to the federal payment network for financial institutions.

Wise said digital assets such as stablecoins are becoming more visible alongside established payment systems. The company said its infrastructure could help connect payment systems, run treasury management and control risk in a regulated setting.

Wise said it had told the OCC it intends to submit a new national trust bank charter application under a GENIUS Act framework and that it continues to maintain a positive relationship with the agency.

This story draws on original reporting from PYMNTS.