Belgian prosecutors are investigating money transfer firm Wise over allegations that weaknesses in its anti-money laundering controls may have allowed criminal groups to use the platform to move illicit funds, according to authorities.
The Brussels Public Prosecutor's Office confirmed on Monday that the investigation, launched in 2025, has reached an advanced stage and is nearing completion. The probe focuses on Wise Europe, the company's Belgium-based subsidiary responsible for serving customers across the European Union.
According to prosecutors, the investigation was initiated after Wise repeatedly appeared in hundreds of international requests for judicial assistance submitted by authorities in other countries.
"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," a spokesperson for the prosecutor's office said.
Investigators are examining whether criminal organizations used Wise's services to launder proceeds linked to suspected fraud, corruption and drug trafficking activities.
Wise said it is cooperating fully with Belgian authorities and has responded to all requests for information related to the investigation.
In a statement, the company said such requests are a routine part of operating within the financial sector and should not be interpreted as evidence of wrongdoing.
"Requests for information are a normal part of operations and are not, in themselves, indicative of non-compliance with anti-money laundering requirements or of any wrongdoing," the company said.
Wise added that no specific findings have been communicated to the company so far.
The London-listed fintech company serves more than 19 million active customers worldwide and processes approximately 4.7 million transactions each day. During its 2026 financial year, Wise handled more than $243 billion (€213 billion) in cross-border payments.
News of the investigation weighed heavily on investor sentiment. Shares of Wise fell nearly 15% during trading on the London Stock Exchange by midday on Monday as markets reacted to the regulatory scrutiny.
The case comes as European regulators continue to tighten oversight of financial technology companies, with greater emphasis on customer verification, transaction monitoring and compliance with anti-money laundering regulations.
Belgian prosecutors have not announced any charges, and the investigation remains ongoing.
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