Wise Faces Belgian Probe Over Money-Laundering Controls

Wise Under Scrutiny in Belgian Money-Laundering Probe

Wise officially acknowledged its engagement with the Brussels prosecutor’s office, stating it is “working with the Brussels prosecutor to respond to queries about our business.” The company emphasized that such interactions are routine with law enforcement and regulators. This confirmation followed a report by the Bureau of Investigative Journalism (TBIJ), which first brought the investigation into public light, causing Wise shares to drop nearly 20% before recovering slightly to close down 8%.

Belgian Authorities Investigate €500 Million in Suspicious Transactions

Belgian authorities reportedly initiated their investigation last year. The probe focuses on “indications of non-compliance with anti-money laundering legislation” at Wise’s European operations, which are headquartered in Brussels. The transactions under scrutiny are said to amount to approximately €500 million (£433 million) and have been linked to hundreds of cross-border criminal proceedings across more than 30 European countries, according to the TBIJ report.

Wise, formerly known as TransferWise, has established itself as a leader in rapid cross-border payments, boasting 19 million customers and processing 4.7 million transactions daily. The company was valued at over £8 billion at one point. This latest development comes after Wise recently moved its primary trading location to the US, making London its secondary listing. Additionally, in 2024, co-founder and CEO Kristo Käärmann was fined £350,000 by the City regulator for failing to disclose significant tax issues.

In response to the current investigation, Wise stated it takes its responsibility “incredibly seriously.” The company claims to invest continuously in “tech-enabled systems and teams” to combat increasingly sophisticated financial crime attempts. Wise also detailed its robust verification processes, real-time monitoring of transactions, and proactive reporting of suspicious activity to law enforcement, noting that approximately one-third of its global team is dedicated to protecting customers from financial crime. The inquiries by the Brussels prosecutor’s office are still ongoing, and no specific findings have been shared with Wise to date.