Wise investigated in Belgium over money-laundering control concerns
Summary
Wise, a UK-based international money transfer company, is cooperating with Belgian prosecutors who are investigating whether its accounts were used for money laundering. The company said it is responding to questions but no findings have been shared yet, and its shares dropped more than 10% after the news.Key Facts
- Wise is under investigation by Belgian prosecutors for possible money laundering.
- The investigation looks into whether Wise accounts helped criminals move money from fraud, corruption, and drug trafficking.
- Belgian authorities started investigating last year after many countries asked for help with criminal cases involving Wise accounts.
- The transactions involved in the investigation total about €500 million (£433 million).
- Wise has 19 million customers and processes 4.7 million transactions daily.
- Wise said it verifies customers and monitors transactions to prevent financial crime.
- About one-third of Wise’s global staff works on preventing financial crime.
- Wise’s CEO, Kristo Käärmann, was fined £350,000 in 2024 for not informing regulators about tax issues.
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