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CFPB fines fintech Wise, alleging it charged deceptive fees
The Consumer Financial Protection Bureau (CFPB) has hit UK-based remittance company Wise with about a $2 million fine for what it described as “a series
The Consumer Financial Protection Bureau (CFPB) has hit UK-based remittance company Wise with about a $2 million fine for what it described as “a series of illegal actions.” The company said that it reached an agreement with the Bureau on January 30, adding: “At Wise, we continuously invest in our compliance program and processes to ensure we maintain a robust framework, including in the US, where we have strengthened our teams and built substantial tooling.” Block, the parent company of Cash App, recently agreed to pay an $80 million fine as part of a settlement related to violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations.
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