Belgian prosecutors investigate Wise over €500 million in suspicious transactions linked to criminal networks.
Wise PLC shares dropped as much as 19% in London trading after Belgian prosecutors confirmed an investigation into the fintech’s European operations for potential money-laundering violations. The probe involves over €500 million in suspicious transactions tied to fraud, corruption, and drug trafficking networks.
Authorities opened the case last year, describing it as nearly complete, with a formal summons to criminal court in progress. Prosecutors allege Wise failed to adequately identify customers and their activities, violating anti-money laundering regulations. The company, based in Belgium, handles law-enforcement requests for its European Economic Area operations.
Wise acknowledged cooperating with Brussels prosecutors but stated it has not received formal findings. The company declined further comment, calling speculation on allegations premature.