Wise Completes Remediation to Address U.S. Regulatory Order
The financial services firm finalized compliance actions following scrutiny of its anti-money laundering and reporting programs.
Updated on Oct. 16, 2026 in Financial Services
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Wise has completed its required remediation actions to satisfy a U.S. regulatory consent order tied to its anti-money laundering controls. This progress comes after the Office of the Comptroller of the Currency denied the company a bank charter in July 2026.
Why it matters
The successful completion of these compliance measures is essential as Wise attempts to regain regulatory standing and pursue its expansion plans. The company currently aims to grow its services for small and medium-sized businesses despite facing ongoing pressure on its profit margins.
Wise reported $739 million in quarterly revenue alongside $72 billion in cross-border volume for the period ending September 30, 2026. The firm also recorded $44 billion in customer holdings and $14 billion in card spending.
The players
Wise
A global financial technology company that provides cross-border payment and currency exchange services.
Office of the Comptroller of the Currency
A federal agency within the U.S. Treasury that charters, regulates, and supervises all national banks.
Consumer Financial Protection Bureau
A U.S. government agency responsible for protecting consumers in the financial sector through the enforcement of federal laws.
The details
Wise addressed deficiencies related to its Bank Secrecy Act program by implementing comprehensive remediation protocols. The company has since formed a specialized team to better engage with small to medium-sized business owners as it shifts focus toward business-centric growth.
Timeline
In mid-2025, Wise entered a $4.2 million consent order with six U.S. state regulators.
The Office of the Comptroller of the Currency denied Wise's U.S. bank charter application in July 2026.
The company's latest financial reporting quarter ended on September 30, 2026.
The Chief Financial Officer commented on the regulatory status of the firm in October 2026.
Analysts anticipate margin pressure for Wise throughout fiscal 2028.
Market Landscape
Wise is recalibrating its operational model to meet the rigorous anti-money laundering standards required of financial institutions operating in the United States. This pivot is critical as the company seeks to compete with traditional banks while navigating the complex regulatory frameworks governing digital payments.
Customers can expect continued service as the firm maintains its $72 billion in cross-border volume and expands its offerings for small business accounts. While the company faces margin pressure, these compliance steps are designed to stabilize its long-term operations in the U.S. market.
The takeaway
Companies in the fintech sector must prioritize robust anti-money laundering compliance to avoid costly legal penalties and service delays. Investors should monitor how these remediation costs impact the company's projected margins in the coming fiscal years.
Further reading
For additional context on the sector, visit the United States Financial Services section.
Source note: This article includes information reported by American Banker.
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