Wise, the cross-border payments company, plans to submit a fresh application for a national trust bank charter under the GENIUS Act. The move comes after the Office of the Comptroller of the Currency (OCC) rejected its earlier bid over anti-money laundering compliance deficiencies.
Why the OCC said no the first time
The OCC denied Wise's original charter application in 2023. Regulators flagged gaps in the company's AML controls, particularly around transaction monitoring and customer due diligence. The denial effectively barred Wise from operating as a federally chartered trust bank, a status that allows firms to hold customer funds and offer certain banking services without a full banking license.
The legal framework for a second try
The GENIUS Act, which passed earlier this year, creates a new pathway for non-bank financial firms to apply for national trust charters. The law addresses some of the compliance standards that tripped up Wise's first attempt. Wise's leadership believes the updated legislative framework gives them a better shot at meeting the OCC's requirements.
What Wise has to fix
To win approval this time, Wise will need to demonstrate that its AML program meets the heightened standards enforced under the GENIUS Act. That means showing the OCC a revamped compliance system with stronger transaction screening, better reporting procedures, and clearer oversight of cross-border flows. The company has been working on those upgrades since the denial, according to people familiar with the matter.
What happens next
Wise has not yet set a date for filing the new application. The OCC will review the submission once it arrives, and the process could take months. Until the charter is approved, Wise will continue operating under its current state-level licenses.
