Payments stories

Jul 23, 2026

OCC Rejects Wise's National Trust Bank Charter Application; Company to Reapply Under GENIUS Act

The U.S. Office of the Comptroller of the Currency denied London-based payments company Wise's application for a national trust bank charter, citing deficiencies. Wise plans to resubmit a new application under the GENIUS Act stablecoin framework.

Jul 23, 20269 sources

Top claims

▪The Office of the Comptroller of the Currency determined that proposed leaders of Wise National Trust demonstrated a persistent inability to manage money-laundering risks and lacked sufficient experience with fiduciary activities.
▪Wise Group PLC operates under more than 80 licenses globally, working with regulators including the UK's Financial Conduct Authority and the National Bank of Belgium.
▪Wise US agreed to pay $4.2 million in July 2025 to resolve a multi-state consent order addressing deficiencies in its Bank Secrecy Act, anti-money laundering, and countering the financing of terrorism programs.

Topics

Fintech Stablecoin regulation Crypto bank charters Crypto regulation Payments

Related entities

Guiding and Establishing National Innovation for U.S. Stablecoins Act London United States