SAINT PAUL, MN: The Minnesota Department of Commerce, in coordination with five other state financial regulators, have taken joint enforcement action against Wise US, Inc. (Wise) for violations related to its anti-money laundering compliance program. Wise’s anti‑money laundering (AML) program does not meet U.S. legal requirements, and under the Bank Secrecy Act (BSA), Wise failed to implement and maintain effective systems that detect and prevent money laundering. 

Wise is licensed to transmit money both within the United States and internationally. In a multistate settlement signed this week, Wise agreed to: 

• Pay a combined $4.2 million penalty to state money transmission regulators from Minnesota, California, Nebraska, New York, Texas, and Massachusetts 
• Correct identified deficiencies in its AML program 
• Hire an independent third party to verify remediation 
• Submit quarterly compliance reports for two years to all involved states 

“This enforcement action underscores Minnesota’s commitment to safeguarding consumers and preserving integrity in our financial services,” said Commerce Assistant Commissioner of Enforcement Jacqueline Olson. “By working with our partners in other states, we are able to uphold rigorous standards that help prevent bad actors from using money transmitters for illegal activities that hurt everyday Minnesotans.” 

This settlement follows a similar multistate agreement earlier this year involving Block, Inc. and its Cash App, which also addressed BSA/AML violations. 

Under state and federal law, licensed money transmitters must maintain robust compliance programs that include customer due diligence, identity verification, suspicious-activity reporting, and appropriate controls for high-risk accounts. Regulators determined Wise had failed to meet these requirements, creating potential for its platform to be used for money laundering, terrorist financing, and other illicit activities. 

Minnesota licenses and supervises hundreds of nonbank financial services firms, including money transmitters, through the Nationwide Multistate Licensing System. Minnesota consumers and businesses can contact Commerce’s Enforcement Division about concerns or complaints:  

• File a complaint online  
• Email: consumer.protection@state.mn.us   
• Verify whether an agent or company is licensed to do business in Minnesota: License Lookup. 
• Search Commerce Actions and Regulatory Documents to view past enforcement actions. 

Connect with the Minnesota Commerce Department 

Get updates and news from the Minnesota Department of Commerce by following Commerce at mn.gov/commerce or @MNCommerce on social media. 

Contact
Minnesota Department of Commerce
news.commerce@state.mn.us