OCC Denies Wise National Trust Bank Charter, Weighs U.S. Expansion
Regulators denied Wise's bid for a national trust bank charter, citing AML deficiencies and governance inexperience. The company plans to refile under the Genius Act framework to gain direct access to the U.S. payments network. London-listed shares fell as much as 11% before trimming losses, underscoring regulatory risk as Wise refocuses on U.S. expansion and cost advantages.
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