OCC Denies Wise National Trust Charter Over Crypto-Linked AML Gaps
Fintech and crypto firms seeking national trust banking charters must address enterprise-wide AML/CFT controls and governance gaps, as the OCC will reject applications tied to digital asset operations with unresolved compliance deficiencies.
The OCC denied Wise US Inc.’s application to launch Wise National Trust, a proposed national trust bank with planned crypto and stablecoin interoperability services, citing unaddressed AML/CFT deficiencies, weak governance, and management unfamiliarity with national banking rules. The denial references Wise’s 2025 $4.2 million multistate AML settlement and notes the proposed trust’s elevated financial crime risk from its planned digital asset services. The decision signals that the OCC will hold crypto-adjacent fintechs to strict enterprise-wide compliance standards even for small, subsidiary banking operations, and requires applicants to demonstrate robust, organization-wide AML frameworks tailored to digital asset risks before charter approval.