OCC Rejects Wise Application to Form National Trust Bank, Reapplication Planned
JH Kim
Summary
- The Office of the Comptroller of the Currency, or OCC, reportedly rejected payments company Wise’s application to form a national trust bank.
- The OCC reportedly cited deficiencies in Wise’s anti-money laundering (AML) standards as the reason for the rejection.
- Wise said it plans to revise the application to align with the stablecoin regulatory framework under the GENIUS Act before reapplying.
Forecast Trend Report by Period
The Office of the Comptroller of the Currency has rejected payments company Wise’s application to form a national trust bank, foreign media reported on July 24.
The OCC cited deficiencies in Wise’s anti-money laundering, or AML, standards as the reason for the decision.
Wise said it plans to revise the application to align with the stablecoin regulatory framework under the GENIUS Act before applying again.
JH Kim
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