Wise US, Inc. Multistate Consent Order for AML/CFT Violations

Wise US, Inc. has entered into a multistate consent order with the States of California, Minnesota, Nebraska, New York, Texas, and Massachusetts, addressing deficiencies identified in a multi-state examination of its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) program. The examination, conducted between July 2022 and September 2023, revealed violations including failure to provide independent AML program reviews, deficiencies in investigating and reporting suspicious activity, transaction monitoring data integrity issues, and violations related to the Consumer Financial Protection Bureau's Remittance Transfer Rule. The order resolves these concerns, with Wise representing that significant remediation efforts have been undertaken.

This consent order requires Wise to adhere to the terms outlined to resolve the identified compliance issues. While the order itself does not specify a compliance deadline, it stems from a regulatory examination and implies an ongoing obligation to maintain compliance with AML/CFT regulations. Regulated entities, particularly money transmitters, should review the findings to ensure their own AML programs are robust, independent, and timely in their reporting and monitoring functions. Failure to comply with such consent orders can lead to further enforcement actions and penalties.