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Wise shares tumble as U.S. regulators deny national trust bank license

Wise shares tumble as U.S. regulators deny national trust bank license

Wise plans to revise its U.S. charter strategy and reapply to the OCC under the GENIUS Act after the regulator rejected its earlier trust bank bid over AML and illicit-finance concerns.

Fact Check
Every component of the claim is confirmed by authoritative primary sources. OCC Corporate Decision #1381 confirms the denial and specifically cites inadequate AML/CFT compliance and lack of management/board fiduciary experience — matching the claim's 'anti-money-laundering and experience concerns.' Wise's SEC 6-K filing directly confirms the plan to reapply for a national trust bank charter under the GENIUS Act framework. WSJ corroborates the share decline and AML citation. The only minor nuance: Wise frames the deficiencies as 'historical' issues since remediated, while the OCC treats them as current grounds for denial — but this does not contradict the factual claim.
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Summary

Wise is revising its U.S. charter strategy after the Office of the Comptroller of the Currency rejected its application to establish a national trust bank, citing weaknesses in its Anti-Money Laundering and Countering the Financing of Terrorism compliance program as well as other illicit-finance risks. The payments company now plans to reapply to the OCC for a national trust bank charter under the GENIUS Act stablecoin framework, while William Blair said the refiling is unlikely to alter Wise's broader focus on lowering cross-border payment costs rather than changing its stance on payment stablecoins. The OCC's rejection contrasts with its approval over the past year of several national trust charter applications from digital asset companies, including Circle, Ripple Labs, Crypto.com and Coinbase. The GENIUS Act, signed into law in July 2025, created a U.S. framework for payment stablecoin providers, although federal agencies missed a key deadline last week to issue implementation guidance ahead of the law's January 2027 effective date. Wise has previously said the denial does not affect customers because it continues to operate under money transmitter licenses across 48 U.S. states and four territories.

Terms & Concepts
  • GENIUS Act: A U.S. law establishing a regulatory framework for payment stablecoin providers.
  • payment stablecoins: Digital tokens designed for payments that typically aim to maintain a stable value against an asset such as the dollar.
  • national trust bank charter: An OCC charter that allows a firm to operate a federally regulated trust bank.