Summary
Wise, a UK-based money transfer company, is being investigated by Belgian prosecutors over concerns that criminals used its accounts for money laundering. The investigation focuses on Wise’s European operations and is nearly complete, but no specific findings have been shared with the company yet.Key Facts
- Wise has 19 million customers worldwide and processes about 4.7 million transactions daily.
- Belgian prosecutors said the investigation involves potential failures by Wise to properly identify customers and monitor their activities.
- The inquiry centers on suspicious transactions worth around €500 million across 30 European countries.
- Wise’s shares dropped 17.5% after news of the investigation became public.
- The company said it is cooperating with authorities and receives regular requests for information as part of normal operations.
- Wise has faced previous issues with anti-money laundering controls and was fined by US states and Abu Dhabi regulators in recent years.
- Wise’s European business operates from Belgium, and the company recently moved its main stock listing to the US Nasdaq.
- About one-third of Wise’s global staff work on preventing financial crime and protecting customers.
Read the Original
Want the full story? Tap a source to open the original article.
