The multistate settlement required Wise US Inc. to pay $4.2 million for Bank Secrecy Act and AML violations found for the period from July 2022 to September 2023. Beyond the fine, it includes a remediation plan, an independent reviewer and quarterly reports to regulators for two years.
The effects on non-residents showed up in 2026: according to accountants and formation agents, Wise approves noticeably fewer US LLCs with foreign owners and requires an active company and the IRS EIN assignment letter before it reviews an application. Relay, according to the same reports, requires a physical US address, and some non-residents see accounts closed after 4–8 weeks. These are industry observations, not official policy, so treat the figures as a guide.
What helps you pass review
Consistent details across all documents: your name must be spelled the same way in your passport, the Articles of Organization and the EIN letter. A clear business description, a website or contracts, and a real residential address. And a backup plan in advance: a single EMI is no longer a strategy.
Not legal or tax advice. Rules change, so check primary sources or ask a qualified advisor before you decide.
