OCC denies Wise US charter and to refile under GENIUS Act

The U.S. Office of the Comptroller of the Currency has formally denied a national trust bank charter application from the London-based payments fintech Wise, citing significant deficiencies in its anti-money laundering and counter-terrorism financing compliance programs. The company announced it will submit a new application under the framework of the recently enacted GENIUS Act, which provides a federal regulatory structure for payment stablecoins.

The OCC issued its denial on July 23, 2026, according to company statements. In its rejection, the regulator pointed to a multi-state consent order from July 2025 that identified weaknesses in Wise's anti-money laundering protocols, including delays in filing suspicious activity reports. The OCC also stated the company failed to demonstrate sufficient historical experience with fiduciary activities. Following the announcement, Wise's shares fell sharply, dropping as much as 11 percent.

In response, Wise stated it plans to refile its application, anchoring it to the GENIUS Act, which was signed into law on July 18, 2025. The legislation creates a pathway for uninsured national trust banks to issue payment stablecoins. A company notice...