Wise fined US$4.2m over reporting and data integrity failings

Wise US, Inc, a subsidiary of UK-listed Wise Plc, the global money transfer business, has been fined US$4.2 million, in total, by the New York Department of Financial Services and five other state regulators for violations of Bank Secrecy Act/Anti-Money Laundering and Counter Financing of Terrorism obligations.

Wise US, Inc, a subsidiary of UK-listed Wise Plc, the global money transfer business, has been fined US$4.2 million, in total, by the New York Department of Financial Services and five other state regulators for violations of Bank Secrecy Act/Anti-Money Laundering and Counter Financing of Terrorism (BSA/AML/CFT) obligations.