Wise Completes Compliance Remediation to Aid U.S. Expansion
Business clients may see service improvements as Wise attempts to overcome prior regulatory hurdles.
Updated on Oct. 16, 2026 in Financial Services
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Wise has completed remediation efforts to address deficiencies in its U.S. Bank Secrecy Act and anti-money laundering programs. The move follows a series of regulatory actions, including a 2026 bank charter application denial, as the company seeks to expand services for small to medium-sized businesses.
Why it matters
Regulatory scrutiny regarding anti-money laundering and suspicious-activity reporting has stalled Wise's U.S. growth ambitions. The company must prove its compliance infrastructure can support business-grade banking services to overcome prior regulatory hurdles.
Wise reported $739 million in quarterly net revenue and $72 billion in cross-border volume, representing 21% and 22% growth respectively. These results contrast with earlier regulatory fines, including a $4.2 million state-level consent order and $450,000 in federal penalties.
The players
Wise
A cross-border financial services provider that facilitates international payments and currently holds $44 billion in customer deposits.
Office of the Comptroller of the Currency
The federal agency responsible for regulating national banks and evaluating charter applications for financial institutions.
Consumer Financial Protection Bureau
A U.S. agency focused on protecting consumers and enforcing federal financial laws against improper practices.
The details
To address deficiencies in its anti-money laundering and suspicious-activity reporting programs, Wise implemented comprehensive remediation steps. This compliance overhaul is a prerequisite for the company to restart its pursuit of a U.S. bank charter after the Office of the Comptroller of the Currency denied its application in July 2026. The firm is now prioritizing a dedicated team to manage relationships with small to medium-sized business owners as it scales operations.
Timeline
Mid-2025: Wise entered a $4.2 million consent order with six state regulators.
July 2026: The Office of the Comptroller of the Currency denied Wise's bank charter application.
September 30, 2026: The fiscal quarter ended with $739 million in net revenue.
October 2026: The company CFO addressed the firm's regulatory status.
Fiscal 2028: Analysts anticipate continued margin pressure due to infrastructure investment.
Market Landscape
Financial services firms are currently navigating intense scrutiny under the Bank Secrecy Act as regulators demand more robust anti-money laundering controls. Wise's remediation efforts follow a pattern of intensified oversight that has stalled expansion plans for several fintech entrants.
Business owners should monitor whether Wise's compliance remediation leads to expanded credit or banking product availability in the U.S. market. For now, firms relying on their cross-border services should maintain contingency plans for platform functionality as investments continue through fiscal 2028.
The takeaway
Wise's path to a U.S. bank charter remains blocked until it demonstrates sustained compliance with federal reporting mandates. Operators should track the firm's regulatory filings in early 2027 to see if remediation efforts result in a re-application for a bank charter.
Further reading
For a broader look at the shifting compliance environment for non-bank lenders, visit the Financial Services section.
Source note: This article includes information reported by American Banker.
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