The Consumer Protection Office (CFPB) struck the UK -based transfer company About $ 2 million fine What I described as “a series of illegal measures.”
These procedures include announcing inaccurate fees and a failure to detect exchange rates and other costs properly, as CFPB claims. Specifically, the agency claims that Fintech has spoken customers in the United States about ATMs and has failed to properly detect other fees. He also claims that when people sent money that did not arrive on time, Wise failed to recover transfers in the law required by law. This led to “hundreds of thousands of dollars” in harm to consumers, accusing CFPB.
The agency has ordered trade in the public sector wise To pay about 450,000 dollars of recession to harm consumers and the civil funds, at a value of $ 2.025 million.
“By deceiving customers, Wise gave itself an unfair advantage over other competitors in the transfer market,” said CFPB Rohit Chopra, in a written statement. “The new technology can help the transfer of money cheaper and more convenient, but companies must be honest and promoted to the level of long -term law.”
The company carries out commercial business in the United States through a fully owned subsidiary, Wise US. I was recently announced Expansion in Mexico.
In a statement submitted to Techcrunch, a Wise spokesman said that CFPB had performed between June 2020 and May 2021 “a routine examination of Wise US Inc. to comply with the various laws of the United States related to financial providers.”
CFPB and then in February 2022 highlighted some issues as Al -Hakim claims that she was “working unintentionally working in ways that the office was considered necessary to address.”
Wise said it was “fully compensated and voluntarily compensated”, as the affected bodies are a total of $ 450,000. She also says she “fully collaborated with CFPB and immediately worked to address all specific issues,” with the solution of the majority by November 2022.
The company said it had reached an agreement with the office on January 30, adding: “In Wise, we are constantly investing in our compliance program and our operations to ensure a strong framework, including in the United States, where we have strengthened our teams and built large tools.”
This is the latest example of technology companies that are fined for deceptive practices. It was agreed on Block, Apporan Compry of Cash App To pay a fine of 80 million dollars As part of a settlement related to the violations of the Bank’s Secret Law (BSA) and the anti -money laundering regulations (AML).
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