Wise Resubmits US Charter Application Under GENIUS Act Framework

Payments company Wise is planning to resubmit its application for a charter license from the US Office of the Comptroller of the Currency (OCC) under the GENIUS Act framework, according to investment banking group William Blair. This move comes after Wise's initial application was rejected due to concerns over its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance program.

The OCC cited 'other illicit finance activity risks' as a reason for rejecting Wise's charter application, which would have allowed the company to establish a national trust bank. Despite this setback, Wise remains focused on lowering the cost of cross-border transactions, as stated by William Blair.

The GENIUS Act, signed into law in July 2025, provides a framework for regulating payment stablecoin providers in the United States. Regulators have missed a crucial deadline to provide guidance on implementing the law before its effective date in January 2027.