Nebraska Joins $4.2M AML Settlement with Wise US Inc.

NE NDBF News

Filed July 9th, 2025

Detected March 18th, 2026

Summary

The Nebraska Department of Banking and Finance, along with five other state agencies, has reached a $4.2 million settlement with Wise US Inc. for anti-money laundering (AML) violations. Wise US Inc. will pay the penalty and implement corrective actions to its AML program.

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What changed

Nebraska has joined a multi-state enforcement action and settlement with Wise US Inc., a money transfer platform, for violations related to its anti-money laundering (AML) compliance program. The settlement includes a $4.2 million penalty paid to the state agencies, a commitment from Wise US Inc. to correct deficiencies in its AML program, hiring an independent third party to verify these corrections, and submitting quarterly reports to the states for two years. The violations stemmed from Wise US Inc. not performing adequate customer due diligence, potentially allowing its services to be used for money laundering or terrorism financing.

Regulated entities, particularly those in the money transfer and financial technology sectors, should review their AML compliance programs to ensure they meet all due diligence, suspicious activity reporting, and high-risk account controls. While specific deadlines for Wise US Inc.'s corrective actions are not detailed, the company is required to submit quarterly reports for two years, indicating an ongoing compliance monitoring period. Failure to comply with AML regulations can result in significant financial penalties and reputational damage, as demonstrated by this settlement.

What to do next

Review AML compliance programs for customer due diligence, suspicious activity reporting, and high-risk account controls.
Ensure adherence to all applicable state and federal anti-money laundering regulations.
Consult legal counsel regarding any specific obligations arising from similar multi-state enforcement actions.

Penalties

$4.2 million penalty to state agencies

Source document (simplified)

Nebraska Department of Banking and Finance Kelly Lammers, Director 1526 K Street, Suite 300 Office: (402) 471-2171 Lincoln, Nebraska 68508 Fax: (402) 471-3062 ndbf.nebraska.gov dob.banking@nebraska.gov FOR IMMEDIATE RELEASE July 9, 2025 Media Contact: Jamie Karl, (531) 893-3615 or jamie.karl@nebraska.gov Nebraska Joins $4.2M Settlement With Money Transfer Company LINCOLN, Neb. – The Nebraska Department of Banking and Finance (NDBF), in coordination with five other state financial regulatory agencies, has taken joint enforcement action against Wise US Inc. for violations related to its anti-money laundering compliance program. Wise is a money transfer platform, which is licensed to transmit money on behalf of customers within the United States and internationally. The company is a subsidiary of Wise PLC, a financial technology firm based in the United Kingdom. In the multi-state settlement signed this week with regulators from Nebraska, California, Minnesota, New York, Texas, and Massachusetts, Wise agreed to pay a $4.2 million penalty to the state agencies. Additionally, the company pledged to correct deficiencies in its anti-money laundering program; hire an independent third party to verify corrective actions in the program; and submit quarterly reports for two years to the states. NDBF Director Kelly Lammers said: “Our department takes seriously its mission to protect and maintain the public’s confidence in the financial industries that do business in Nebraska. When companies fail to comply with the rules for doing business here, we will take appropriate action to safeguard Nebraskans.” Under anti-money laundering rules and regulations, financial services firms are required to perform due diligence on customers. This includes verifying customer identities, reporting suspicious activity, and applying appropriate controls for high-risk accounts. State regulators found Wise was not in compliance with certain requirements, creating the potential that its services could be used to support money laundering, terrorism financing, or other illegal activities. ### Under the direct supervision of the Governor, the Nebraska Department of Banking and Finance has a mission to protect and maintain the public’s confidence through fair, efficient, and experienced supervision of the state-regulated financial services industries. Visit ndbf.nebraska.gov.