Nebraska Part of $4.2 Million Settlement with Money Transfer Platform Wise

Wise to reform AML oversight

The money transfer firm will pay $4.2 million and bolster anti-money laundering and other compliance in a consent settlement with six states.

Wise to pay $4.2M, boost AML oversight in 6-state settlement

Wise allegedly failed to provide for frequent independent review of its anti-money laundering program. Regulators also found deficiencies in the investigation and reporting of suspicious activity.

Nebraska part of $4.2 million settlement with money transfer platform Wise

LINCOLN, Neb. (KLKN) — A Nebraska agency has joined a $4.2 million settlement with a money transfer company accused of noncompliance with anti-money laundering laws. On Wednesday, the Nebraska Department of Banking and Finance said it was part of an agreement with Wise US, a subsidiary of Wise PLC. Officials said Wise did not follow some regulations, opening the door...

Massachusetts Joins Multistate Enforcement Action Against Wise US, Inc. for Bank Secrecy Act and Anti-Money Laundering Violations (Massachusetts Division of Banks)

) The Massachusetts Division of Banks (DOB), in coordination with five other state financial regulatory agencies, has taken joint enforcement action against Wise US, Inc. (Wise) for violations related to its anti-money laundering compliance program. Wise, headquartered in New York, is licensed to transmit money on behalf of customers within the United States and internationally. The company is a subsidiary of Wise PLC, a financial technology fir…

Lessons from Wise’s $4.2M fine by six US states - AML Intelligence

By Sarah Beth Felix CEO, Palmera Consulting WISE Inc’s (formerlyTransferWise) was this week fined $4.2M by six US states under Conference of State Bank Supervisors (CSBS). While nine states actually performed the exam, only six were involved in the issuance of the order and penalty… makes me wonder why? Are the state laws that different? […]

Wise hit with $4.2m penalty for AML failures

California’s Department of Financial Protection and Innovation (DFPI) has joined forces with five other US state regulators to take enforcement action against Wise US, Inc. over serious shortcomings in its Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programme. Wise, a New York-headquartered subsidiary of UK-based FinTech firm Wise PLC, has agreed to pay a $4.2m penalty under a multistate settlement signed this week. Califor…