U.S. regulators found Wise had not met key AML requirements, including proper due diligence on customers and sufficient monitoring for suspicious activity, leading to exposure to risks that its money transfer services could be exploited for money laundering, the financing of terrorism, or other illegal activity.

Under the terms of a settlement with US authorities Wise is required to fix deficiencies in its anti-money laundering and anti-terrorism financing program in addition to paying the fine, Postimees reported, citing Fintech Global, and will be required to appoint an independent third party to verify that the necessary changes have been put in place, plus submit quarterly reports for the next two years to demonstrate that it is addressing the identified issues.

Wise spokespeople said the company takes its obligation to provide secure services to its customers very seriously and is working with authorities to address the issues, which arose during routine checks, and to make significant investments to ensure services remain secure and reliable.

Postimees reported in February that the U.S. Consumer Financial Protection Bureau (CFPB) was demanding nearly US$2.5 million from Wise over illegal activities including misleading advertising, and the company was subject to an investigation by authorities in several U.S. states 2022-2023.

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