US Regulators Deny Wise's Charter Application Citing AML/CFT Risks
US Regulators Deny Wise's Charter Application Citing AML/CFT Risks
The Office of the Comptroller of the Currency (OCC) denied Wise's US charter application, citing concerns over Anti-Money Laundering and Combating the Financing of Terrorism risks. This decision comes despite the OCC having approved similar charters for other digital asset companies recently, underscoring ongoing regulatory scrutiny.
Regulatory Hurdles for Digital Asset Firms in the US
Wise, a UK-based financial technology company, is set to resubmit its US charter application under the GENIUS Act after its initial bid was denied by the Office of the Comptroller of the Currency (OCC). The OCC explicitly cited Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) risks as the primary reasons for the rejection. This development highlights a persistent challenge for fintech and digital asset companies navigating the complex regulatory landscape in the United States, even in light of previous instances where the OCC has approved similar charters for other firms operating in the digital asset sector within the last year.