Wise Test Wise Compliance and Regulation 2

Question 1

Under which US regulatory framework is Wise required to register as a Money Services Business (MSB)?

Accepted Answer

Bank Secrecy Act

Answer

The Bank Secrecy Act (BSA) requires Wise and similar money transmitters to register as MSBs with FinCEN.

Question 2

Which agency must Wise register with at the federal level to operate as a money services business in the US?

Accepted Answer

FinCEN

Answer

FinCEN (Financial Crimes Enforcement Network) is the federal agency where MSBs like Wise must register.

Question 3

When Wise detects a potentially suspicious transaction, what is the primary compliance obligation?

Accepted Answer

File a Suspicious Activity Report (SAR)

Answer

Filing a Suspicious Activity Report (SAR) with FinCEN is the required compliance step when a suspicious transaction is detected.

Question 4

What does the Customer Identification Program (CIP) require Wise to collect at minimum when onboarding a US customer?

Accepted Answer

Name, date of birth, address, and identification number

Answer

CIP requires collection of name, date of birth, address, and an identification number (e.g., SSN or passport number) for each new customer.

Question 5

Wise's obligation to screen customers against government-issued sanctions lists is governed primarily by which US authority?

Accepted Answer

OFAC

Answer

OFAC (Office of Foreign Assets Control) administers sanctions programs that require Wise to screen all transactions and customers.

Wise Practice Test