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.

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