The New York State Department of Financial Services, working with regulators in Massachusetts, Texas, California, Minnesota and Nebraska, entered into a multistate settlement with New York-based Wise US, Inc., a subsidiary of United Kingdom-based Wise PLC, over inadequacies in its Bank Secrecy Act/Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) program. The settlement requires Wise to pay a USD 4.2 million penalty and remediate identified compliance failures. Corrective actions include a lookback of previously closed accounts, enhanced suspicious activity reporting procedures, strengthened due diligence for AML/CFT risk, and improvements to systems supporting customer account data integrity. Wise will retain an independent third party to verify that corrective actions have been completed and must provide quarterly written progress reports to the participating regulators for two years.
New York State Department of Financial Services 2025-07-09
New York State Department of Financial Services leads multistate USD 4.2 million settlement with Wise US over AML CFT program deficiencies
The New York State Department of Financial Services and regulators from five other states reached a multistate settlement with Wise US, Inc. over deficiencies in its AML/CFT program. Wise will pay a USD 4.2 million penalty and implement corrective measures, including enhanced reporting, due diligence, and system improvements. An independent third party will verify compliance, with Wise required to submit quarterly progress reports for two years.