Before using Wise's services, you must provide personal information including your name, address, date of birth, and government-issued ID to verify your identity.
Failure to complete verification — or providing inaccurate information — can result in your account being restricted or closed, preventing access to your funds.
KYC and CIP requirements reflect FinCEN obligations under the Bank Secrecy Act and USA PATRIOT Act. Compliance teams should note that Wise's data collection practices for identity verification also implicate state privacy laws including CCPA for California residents.
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Wise's US terms significantly affect consumers' legal rights by requiring binding arbitration for disputes and waiving the right to participate in class action lawsuits, which limits recourse options if something goes wrong. Wise also reserves the right to suspend or close accounts at its discretion, which could affect access to funds. You can opt out of the arbitration clause by sending written notice to Wise within 30 days of first accepting the agreement.