The Office of the Comptroller of the Currency (OCC) denies Wise US banking licence. London-listed shares fell as much as 11% before somewhat recovering.

Wise, the London-listed money transfer group, has been denied a US banking licence by American authorities over poor anti-money laundering controls and changes to trust bank regulation – according to AML Intelligence.

The Office of the Comptroller of the Currency said in a letter dated July 21 to Wise that the company had failed to address “key deficiencies” in its proposed programmes to counter money laundering and terrorism financing.

It also highlighted a fine issued by US authorities in July 2025 for lapses in Wise’s anti-money laundering framework, including a failure to establish regular independent reviews of its compliance programmes, deficiencies in investigating and reporting suspicious activity, and transaction monitoring data integrity issues.

The OCC also said Wise’s US business had not demonstrated a comprehensive understanding of US banking law and responsibilities generally.

Wise said it has taken steps to improve its business and compliance maturity since agreeing to the fine last year.

“In response to the Consent Order, we have strengthened our local U.S. program, enhanced our investigation and reporting processes, improved the integrity of the data we collect from our customers and increased resourcing for our local compliance program,” it said in a statement following the OCC rejection.

Shares in Wise plunged on Friday after the firm was denied a US banking licence by regulators, setting back the payments giant in its biggest growth market just months after it switched its primary stock market listing to New York.

Wise said the decision would not affect its existing US business and that it plans to submit a new application. Shares in the company tumbled more than 11 per cent in early trading in London, before somewhat recovering.

The regulator’s decision related to its original application which was submitted more than a year ago, Wise said. It pointed to changes it has since made to its compliance systems, customer checks and financial crime controls.

“We have invested significantly in enhancing our processes and controls globally and in the U.S. since the original application for the trust charter was prepared, including those to prevent financial crime alongside other forms of risk,” the company said, adding that changes to US payment rules meant the original application was no longer the right route to securing a licence.

Some 12 million people and businesses used Wise services in the latest quarter to transfer money.

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