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Shares of online bank Wise fell as much as 20% on Monday after Belgian prosecutors said they were investigating whether the money-transfer company's European operations were used to facilitate money laundering and whether its anti-money-laundering (AML) controls were sufficient.
The probe reportedly centers on more than €500 million (about $582 million) in suspicious transactions linked to criminal investigations across Europe. Wise says it is cooperating fully with authorities and has not been informed of any formal findings or charges.
Brussels is prosecuting Wise and authorities are examining whether criminal organizations used Wise accounts to move proceeds from fraud, corruption, and drug trafficking. The investigation reportedly covers suspicious transactions worth roughly €500 million and involves information requests from more than 30 European jurisdictions.
The probe has reportedly been underway since last year and is said to be in an advanced stage. Authorities are investigating whether Wise complied with AML requirements, including customer identification and transaction monitoring obligations.
Shares of online bank Wise fell as much as 20% on Monday after Belgian prosecutors said they were investigating whether the money-transfer company's European operations were used to facilitate money laundering and whether its anti-money-laundering (AML) controls were sufficient.
The probe reportedly centers on more than €500 million (about $582 million) in suspicious transactions linked to criminal investigations across Europe. Wise says it is cooperating fully with authorities and has not been informed of any formal findings or charges.
Brussels is prosecuting Wise and authorities are examining whether criminal organizations used Wise accounts to move proceeds from fraud, corruption, and drug trafficking. The investigation reportedly covers suspicious transactions worth roughly €500 million and involves information requests from more than 30 European jurisdictions.
The probe has reportedly been underway since last year and is said to be in an advanced stage. Authorities are investigating whether Wise complied with AML requirements, including customer identification and transaction monitoring obligations.
2 days ago
