Investigation into Wise's European Operations
UK-based money transfer company Wise is under investigation amid suspicions that criminals used its accounts for money laundering, according to Belgian prosecutors who spoke to French media.
Wise confirmed it is cooperating with the Brussels prosecutor's office but stated that
"no specific findings have been shared with us to date".
Belgian prosecutors informed the press agency AFP that the inquiry, which targets Wise's European operations rather than its UK business, is
"nearing its conclusion".
This confirmation follows a report by The Bureau of Investigative Journalism (TBIJ), which revealed that Wise's platforms were suspected of facilitating approximately €500 million (£432 million) in suspicious transactions across 30 European countries.
Following the news, shares of the company, listed on both the London and US stock exchanges, dropped sharply by 17.5%.
Details from Brussels Prosecutors
A spokesperson from the Brussels prosecutors' office told AFP that the investigation is
"now at an advanced stage".
The spokesperson added,
"The findings primarily concern the use of Wise accounts for criminal purposes, with indications of non-compliance with anti-money laundering legislation, particularly due to a failure to identify customers and their activities."
Wise's Response
Wise issued a statement emphasizing its cooperation with the Brussels prosecutor's office, saying it is responding to queries about its business as part of routine interactions with regulators and law enforcement.
The company reiterated,
"No specific findings have been shared with us to date. As such, it would be speculative for us to comment on any allegations."
Wise further noted that requests for information from law enforcement agencies are
"a normal part of operations and are not, in themselves, indicative of non-compliance with anti-money laundering requirements or of any wrongdoing."
Background and Previous Scrutiny
TBIJ reported that the Belgian authorities initiated their investigation into Wise last year.
Founded in London in 2011, Wise is widely recognized for facilitating cross-border money transfers and serves more than 19 million customers globally. The company processes roughly 4.7 million transactions daily.
Wise is dual-listed on the US and UK stock markets, having recently shifted its primary listing to the US Nasdaq index last month. Its European business operates out of Belgium, serving the rest of Europe and the European Union.
Wise's anti-money laundering (AML) controls have previously attracted regulatory scrutiny.
In 2024, the Financial Times reported that the National Bank of Belgium had instructed Wise to enhance its processes after discovering that the company lacked proof of address documentation for hundreds of thousands of customers.
Wise was also fined $4.2 million (£3.1 million) by six US states last year for AML compliance violations, and in 2022, it was fined $360,000 by Abu Dhabi's financial services regulator.
In response to these incidents, Wise stated that it had addressed the regulators' concerns.
Current Position on Financial Crime
On Monday, Wise acknowledged that, like all financial institutions, it faces
"the reality of increasingly sophisticated bad actors attempting to exploit our platform."
The company emphasized its commitment to combating financial crime, noting that approximately one-third of its global workforce is dedicated to customer protection.
