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Mon, 01 Jun 2026

Mon, 01 Jun 2026 Wise under investigation over money laundering control concerns

Wise says it is working with the Brussels prosecutor's office but that "no specific findings have been shared with us to date".
Belgian prosecutors have revealed that they are nearing the conclusion of an investigation into UK-based money transfer company Wise, alleging that its European operations were used for money laundering activities worth around €500m (£432m) across 30 countries. The company has stated that it is working with the Brussels prosecutor's office but claims no specific findings have been shared with them to date. Wise processes over 4.7 million transactions daily and has over 19 million customers worldwide. According to the investigation, Wise's use of its accounts for criminal purposes resulted in non-compliance with anti-money laundering legislation due to a failure to identify customers and their activities. The company's shares fell sharply by 17.5% after the news broke. Wise claims that requests from law enforcement agencies are normal and do not indicate any wrongdoing, stating that it takes financial crime "extremely seriously". However, this is the latest in a series of regulatory issues faced by the company, including a fine of $4.2m (£3.1m) by six US states last year for AML compliance violations. The Belgian investigation has been ongoing since last year and focuses on Wise's European operations rather than its UK business. The outcome of the investigation is expected to have significant implications for Wise, potentially leading to hefty fines and damage to customer trust and brand integrity.