Wise Shares Plunge as Belgian Prosecutors Probe Money Laundering Controls

BBC Business reported Monday that UK fintech firm Wise is under investigation by Belgian prosecutors over suspicions that criminals exploited its accounts for money laundering across Europe.

Prosecutors Say Probe Is Near Completion

A spokesperson for the Brussels prosecutor’s office confirmed to press agency AFP that the inquiry is now at an advanced stage. The investigation centres on Wise’s European operations, which are headquartered in Belgium, and does not extend to its UK business. Prosecutors said their findings point to criminal use of Wise accounts, alongside apparent gaps in customer identification procedures and broader non-compliance with anti-money laundering rules.

Wise acknowledged it is cooperating with Brussels authorities but said no specific findings have been shared with the company. The firm described engagement with law enforcement as routine and not automatically indicative of wrongdoing.

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Shares Slump After Report Surfaces

Wise’s dual-listed stock, which moved its primary listing to the US Nasdaq index last month, fell 17.5% after The Bureau of Investigative Journalism published a report linking the platform to roughly €500 million worth of suspicious transactions spanning 30 European countries. The scale of the suspected activity and the advanced status of the probe rattled investors in both London and New York.

A Pattern of Regulatory Scrutiny

This is not the first time Wise’s compliance framework has drawn official attention. In 2024, Belgium’s National Bank found the company lacked proof-of-address documentation for hundreds of thousands of customers and ordered improvements. Separately, six US states levied a combined $4.2 million fine against Wise last year for anti-money laundering violations. An Abu Dhabi regulator issued a $360,000 penalty in 2022. In each instance, Wise said it subsequently addressed the concerns raised.

Wise Pushes Back on Allegations

In its public response, Wise stressed that financial crime compliance is a company-wide priority. The firm said roughly one-third of its global workforce is dedicated to fraud and financial crime prevention. It also acknowledged that increasingly sophisticated criminal actors attempt to exploit payment platforms, framing this as an industry-wide reality rather than a firm-specific failure. Founded in London in 2011, Wise now serves more than 19 million customers and processes approximately 4.7 million transactions every day.

Prosecutors have not announced a timeline for formal charges or conclusions.

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