Belgian prosecutors probe Wise over 500 million money-laundering allegations
Belgian prosecutors probe Wise over €500 million money-laundering allegations
Belgian authorities are nearing the end of a sweeping investigation into Wise, the UK-based money transfer firm, over suspicions its European operations facilitated €500 million in illicit transactions across 30 countries. Prosecutors in Brussels suspect criminal networks exploited Wise accounts to launder proceeds from fraud, corruption, and drug trafficking, according to multiple reports BBC, Euronews, and ERR.
Wise, which processes 4.7 million transactions daily for 19 million customers, confirmed cooperation with investigators but denied receiving specific findings, calling further comment "speculative." The company’s shares plunged 17.5% on the news, wiping nearly £1 billion from its market value FAZ, FT. Wise emphasized that law enforcement requests are routine and cited past anti-money laundering (AML) penalties—including fines in the US and Abu Dhabi for compliance gaps—that it claims to have addressed.
The investigation, first reported in early June 2026, targets Wise’s European arm, headquartered in Estonia. Belgian officials have not disclosed whether the probe will result in formal charges, but the scale of the alleged laundering—spanning 30 jurisdictions—marks one of the most significant AML cases involving a fintech platform in Europe. Wise, formerly known as TransferWise, has faced prior scrutiny for weak proof-of-address checks, a vulnerability critics link to its rapid growth in cross-border payments BBC.
The case underscores mounting regulatory pressure on fintechs to tighten AML controls as digital payment volumes surge. Belgian authorities have not commented on potential next steps, but the investigation’s conclusion could set precedents for how EU prosecutors handle financial crime in the sector.
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Articles
BBC News | Money transfer firm Wise under investigation over money laundering control concernsAI generated summary, Read the full article for complete information.Wise is under investigation by Belgian prosecutors over allegations that its European operations were used for money‑laundering, with suspicion that criminals exploited Wise accounts across 30 European countries in about €500 million of suspicious transactions. While the probe is nearing its conclusion, Wise says it has cooperated with the Brussels prosecutors office but has not received any specific findings, deeming comment speculative. The news sparked a 17.5 drop in Wises shares; the company, which serves over 19 million customers worldwide and processes roughly 4.7 million transactions daily, emphasized that requests for information from law‑enforcement are routine and that it takes financial crime seriously, noting past AML scrutiny—including a fine for lacking proof‑of‑address checks and penalties in the US and Abu Dhabi that it has since addressed.Read more: #Belgianprosecutors #BureauofInvestigativeJournalism #EU
mastodon bot · 5 days ago
Geldwäscheermittlungen gegen Überweisungsdienst Wise
orf.at · 5 days ago
Wise under investigation in Europe over money laundering controls
gdeltproject.org · 5 days ago
Estonian-founded Wise hit by Belgian money laundering investigation The European arm of U.K.-based money transfer company Wise is under investigation in Belgium over suspected money laundering involving more than €500 million.
news.err · 5 days ago
Wise under Belgian investigation over alleged money laundering control failures Belgian investigators are examining whether the firms services were used by criminal groups to launder proceeds from suspected fraud, corruption and drug trafficking.
euronews · 5 days ago
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publico · 6 days ago
Fintech-Kurs stürzt ab: Geldwäscheermittlungen gegen Wise Ein Geldwäscheverfahren gegen die beliebte Finanz-App Wise hat zu einem Verlust von fast einer Milliarde Pfund Börsenwert geführt. Das Unternehmen sieht „kein Indiz für Fehlverhalten.
faz · 6 days ago
Wise under investigation in Europe over money laundering controls
gdeltproject.org · 6 days ago
Wise shares slump over money laundering investigation London-headquartered fintech says it is responding to questions from Belgian authorities
financial times · 6 days ago