Nebraska part of $4.2 million settlement with money transfer platform Wise
LINCOLN, Neb. (KLKN) — A Nebraska agency has joined a $4.2 million settlement with a money transfer company accused of noncompliance with anti-money laundering laws.
On Wednesday, the Nebraska Department of Banking and Finance said it was part of an agreement with Wise US, a subsidiary of Wise PLC.
Officials said Wise did not follow some regulations, opening the door to the possibility of its platform to be used for money laundering, terrorism financing or other illegal activities.
“Our department takes seriously its mission to protect and maintain the public’s confidence in the financial industries that do business in Nebraska,” Banking Director Kelly Lammers said. “When companies fail to comply with the rules for doing business here, we will take appropriate action to safeguard Nebraskans.”
Wise will also pay regulatory agencies from California, Minnesota, New York, Texas and Massachusetts.
The settlement also requires the company to fix deficiencies in its anti-money laundering program.
A spokesperson from Wise sent Channel 8 the following statement regarding the settlement:
“Wise takes its responsibility to provide a safe and secure service to our customers very seriously. Between July 2022 and September 2023, the Multi-State MSB Examination Taskforce (MMET) conducted a routine examination of Wise US, Inc. Wise fully cooperated with regulators to implement their recommendations. As we build the best way to move and manage the world’s money, we continue to invest heavily in our compliance and controls framework to help ensure we deliver a safe, reliable and seamless customer experience.”
