Wise Reapplies for US Trust Charter After OCC Rejects Original Proposal

Wise, a London-listed fintech company, plans to reapply for a U.S. national trust bank charter under the GENIUS Act framework after its original proposal was rejected by the Office of the Comptroller of the Currency (OCC). This move comes after Wise's shares dropped 11% on Friday due to the rejection.

The OCC denied Wise's application in a July 23 letter, citing AML/BSA/CFT deficiencies and a 'persistent inability' by Wise's management/board to manage money-laundering and terrorist-financing risks. The regulator also found that Wise's approach was incompatible with newer Federal Reserve policies governing Master Accounts and access to services such as Fedwire.

The company initially submitted its application in June 2025, aiming to settle U.S. dollar payments directly through the Fed. However, the central bank has largely paused Master Account access for uninsured trust banks while developing a separate framework for limited-purpose 'payment accounts.'