wise U.S. regulatory authorities have been ordered to pay about $ 2.5 million in penalties for “series illegal acts”, including advertising that causes the price.
On January 30, the US Consumer Finance Protection Bureau (CFPB) did not disclose the price and disclose the exchange rate and other rates properly, along with the customer compensation of $ 450,000. Penal Civil Punishment of the US dollar was imposed.
Wise, which promotes the status as a provider of payment over fast borders at an affordable price without hidden costs, suggests that the ATM fee will decrease at the same time as not disclosing the details of the exchange rate properly. It turned out to have “misunderstood” US customers.
The regulatory authorities further determined that if the payment did not arrive within the deadline, WISE did not refund the remittance fee in the legally necessary time frame.
“By deceiving customers, Wise has given Wise to be unfair than other competitors in the remittance market. New technologies can help to make money cheaper and more convenient, but companies are true. And we have to respond to many years. “
It was called ROHIT CHOPRA, a CFPB director.
Wise shares remained almost the same in early transactions on the London Stock Exchange on January 31.
The company acknowledged that it is “inadvertently operated by the bureau in a way that seems to be necessary to deal with it,” and explained that the problem is essentially “technical.” However, in some cases, a specific US customer was charged a “slightly wrong fee.”
The company added:
“WISE strongly opposes the characteristics of the WISE act of CFPB, but we cooperated with CFPB to conclude the problem.”
The survey conducted between 2020 and 2021 was wise to pay $ 450,000 rewards to affected customers.
Wise, founded in 2011, was celebrated as a success story in London when debuted 10 years later on the London Stock Exchange.
However, the global expansion faces the challenge. In 2021, the company was fined by a financial regulatory authorities in the United Arab Emirates by controlling the prevention of money laundering.
Furthermore, in 2022, the European regulatory authorities discovered that there was no proof of the address of hundreds of thousands of customers, as previously reported, and then implemented a formal restoration plan. did. Financial Times。
Wise is also active Expand its existence In the Asia -Pacific area.
The company operates businesses in eight markets, including Australia, New Zealand, Hong Kong, India, Indonesia, Japan, Singapore, and Malaysia.
Wise has established partnerships with more than 85 global entities, including Indonesian bank Mandiri, India’s Indian Bank, Tiger Broker, Got Trade, Aspire, Sinhan Bank Up, Australia’s Digital Bank Up, Deal, Hong Kong Zazabank, Agoda. did.
In March 2024, Wise was integrated with the Singapore Paynow network, enabling tourists to pay QR to local merchants through the app.
The company expanded Singapore office and doubled employees to 450 employees. At the time of FY24, Wise’s Asia -Pacific business became the second largest contributor and increased by 33.7 % year -on -year.
Featured image credit: edit FreePik
