The U.S. Office of the Comptroller of the Currency (OCC) has denied Wise Group PLC's application for a national trust bank charter, citing persistent anti-money laundering deficiencies and inadequate management experience. The rejection was also driven by a May 2026 Federal Reserve policy change that paused master account access for uninsured trust banks. Wise, which processed over $240 billion in cross-border transactions in fiscal year 2026, plans to submit a new application under the GENIUS Act stablecoin framework while continuing its normal operations under existing state licenses.
OCC trust charter denial
- ▪The Office of the Comptroller of the Currency cited significant supervisory and compliance concerns, including anti-money laundering deficiencies and organizers' lack of familiarity with federal banking laws, as reasons for denying Wise Group PLC's charter.
- ▪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.
- ▪The Office of the Comptroller of the Currency denied Wise Group PLC's application to establish a national trust bank in a letter dated July 21, 2026.
Multi-State Consent Order compliance
- ▪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.
- ▪In response to the July 2025 consent order, Wise Group PLC strengthened its U.S. compliance program, enhanced investigation and reporting processes, improved customer data integrity, and increased compliance staffing.
GENIUS Act reapplication framework
- ▪The GENIUS Act, enacted in July 2025, establishes a federal regulatory framework for payment stablecoins backed by reserves such as cash and U.S. Treasuries.
- ▪Wise Group PLC plans to submit a new application to the Office of the Comptroller of the Currency for a national trust bank charter under the GENIUS Act framework.
Federal Reserve master account policy
- ▪The Federal Reserve Bank of Kansas City approved a limited-purpose master account for Wyoming-chartered Kraken Financial in March 2026.
- ▪Wise Group PLC's original charter application became non-viable after the Federal Reserve proposed a policy change in May 2026 that generally pauses master account access for uninsured trust banks.
Existing money transmitter licenses
- ▪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.
- ▪The denial of the national trust bank charter does not affect Wise Group PLC's current operations, which continue under existing money transmitter licenses across 48 U.S. states and four territories.
Wise cross-border transaction volume
- ▪Wise Group PLC generated $2.5 billion in net revenue and saved customers over $3 billion on cross-border transactions during fiscal year 2026.
- ▪In fiscal year 2026, Wise Group PLC supported approximately 19 million customers and processed over $240 billion in cross-border transactions.
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