Consumer Financial Protection Bureau
CFPB Orders Wise to Pay $2.5 Million for Illegal Remittance Practices
January 30, 2025
Summary
The CFPB has penalized Wise for failing to provide required disclosures for international money transfers. The company must pay a $2.5 million fine for violating the Electronic Fund Transfer Act and its implementing rule, the Remittance Transfer Rule.
AI-generated summary · May 24, 2026. Verify with your compliance counsel before acting.
How this was generated
We record the exact prompt, model, and output for every AI response so it can be audited for accuracy.
Common questions
- What does "CFPB Orders Wise to Pay $2.5 Million for Illegal Remittance Practices" cover?
- The CFPB has penalized Wise for failing to provide required disclosures for international money transfers. The company must pay a $2.5 million fine for…
- Which agency issued this update?
- This update was issued by Consumer Financial Protection Bureau.
- When was it published?
- It was published on January 30, 2025.
Related updates
- Lakeview Loan Servicing, LLC, Pingora Loan Servicing, LLC, Community Loan Servicing, LLC, and Bayview Asset Management, LLC Multistate Settlement Agreement and Consent Order issued by the Division of Banking
- ACI Payments, Inc. Settlement Agreement and Consent Order issued by the Division of Banking
- Updated Nonbank Ransomware Self-Assessment Tool (R-SAT)
- Ultralight FS,. Inc., formerly known as Obopay, Inc., also doing business as Obopay USA
- Two Ocean No-Action Letter: Digital Asset Custody & Qualified Custodian Status
- Ransomware Self-Assessment Tool (R-SAT) (October 23, 2023, Version 2.0 Release)