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Wise MLA issues and consequences

  • 29-11-2024 01:54PM
    #1
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,826 Mod ✭✭✭✭


    In summary, Wise were found wanting in a recent review of their MLA procedures and the remedial agreement involves:

    • Wise contacting ALL customers and validating their address etc…
    • Wise freezing the accounts of customer who fail to respond in a prompt manner

    It's unclear to me what "ALL customer" means, but I expect it is all residents of the EU as it was an EU post BREXIT review. So if you are a user be on the look out for a request from them and respond promptly to ensure you have continued service.

    Please let us know if you are contacted and how the procedure went for the benefit of other members.

    Wise took up remediation plan in Europe over anti-money laundering controls, FT reports

    Mod Warning: Please post factual information that users of this service and rely on. We are not interested in opinion pieces.



Comments

  • #2
    banie01
    Registered Users, Registered Users 2 Posts: 17,837 ✭✭✭✭banie01


    I've been pinged twice for additional KYC compliance with wise over the past 2yrs. Nothing untoward, I just hit their AML transaction limits.

    I wonder how much of this is due to Wise's US banking relationship with Evolve bank & trust? Any possibility that the data leak there has led to additional compliance issues for Wise's KYC & AML process.

    If memory serves, Wise also changed US banking providers recently, maybe 2022? The ease at which US chequing accounts could be created was quite an eye-opener IMHO.



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