Federal law under the USA PATRIOT ACT requires Wise to collect and verify identity information from all account holders, including name, address, date of birth, and identifying documents such as a driver's license. Wise may also conduct checks on other parties involved in transactions, including recipients.
This analysis describes what Wise's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes the legal basis for mandatory identity verification at account opening and authorizes additional due diligence checks on third parties involved in transactions. Failure to provide required information may result in account restriction or closure under Section 6.7.
The updated terms now authorize Wise to accept incoming funds via FedNow, a new instant payment service. The agreement states that FedNow transactions are processed in real time and generally cannot be canceled or reversed once completed, distinguishing them from traditional transfers that may have reversal windows. The terms also establish that Wise may decline any incoming FedNow transaction at its discretion where required for security, compliance, or operational reasons, without specifying advance notice or appeal procedures. Users receiving FedNow payments should understand that such transfers become final immediately upon completion.
View change record →Under this clause, consumers must provide accurate identity information including name, address, date of birth, and identifying documents as a condition of account opening and maintenance. Wise may also perform checks on transaction recipients, and may restrict or close accounts if required information cannot be obtained or verified.
Cross-platform context
See how other platforms handle Customer Due Diligence and USA PATRIOT ACT Identity Verification and similar clauses.
Compare across platforms →"To help the government fight the funding of terrorism and money laundering activities, Federal law, under the USA PATRIOT ACT, requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This means that when you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.Excerpt from Wise's Terms of Use
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Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
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This provision establishes the legal basis for mandatory identity verification at account opening and authorizes additional due diligence checks on third parties involved in transactions. Failure to provide required information may result in account restriction or closure under Section 6.7.
Under this clause, consumers must provide accurate identity information including name, address, date of birth, and identifying documents as a condition of account opening and maintenance. Wise may also perform checks on transaction recipients, and may restrict or close accounts if required information cannot be obtained or verified.
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