Fintech Wise's Shares Fall on Belgian Money-Laundering Investigation
Wise said it is working with Brussels prosecutors as shares fell nearly 20% after reports of a money-laundering probe.
- On Monday, shares of money transfer firm Wise fell more than 10% after the Brussels Public Prosecutor's Office confirmed it is investigating the company's European entity regarding suspicious transactions reportedly involving about 500 million euros.
- Authorities in Belgium launched the probe last year following reports that Wise accounts may have been used to launder proceeds of crime, amid a broader European crackdown on illicit finance after the Wirecard collapse and 2019 money-laundering scandal.
- Wise stated it is "currently working with the Brussels prosecutor" to respond to queries, noting that no specific findings have been shared and that such requests are a normal part of operations and not indicative of wrongdoing.
- While the group's stock settled about 14% lower in Monday trading, Wise maintains that about a third of its workforce is dedicated to combating financial crime and monitors hundreds of data points in real time as customers use products.
- European authorities are intensifying crackdowns on illicit finance following the 2019 money-laundering scandal and Wirecard collapse; Wise was previously fined $360,000 in 2022 by Abu Dhabi regulators for breaching anti-money laundering requirements.
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29 Articles
The Manila Times
Free Malaysia Today NewsMoney transfer giant Wise hit by Belgian laundering probe
BRUSSELS — Belgian prosecutors said Monday that they were in the advanced stages of an investigation into the money transfer giant Wise, on suspicions criminals used its accounts for money laundering.
Fintech Wise's shares fall on Belgian money-laundering investigation
PARIS, June 1 : Money transfer company Wise's London-listed shares fell by more than 10 per cent on Monday on news that the Brussels Public Prosecutor's Office is investigating its European entity in cases the prosecutor said reportedly involve more than half a billion euros ($582.5 million) in suspicious transactio
In the middle of the day, on Monday, the action of the British company had plunged by almost 15% on the London Stock Exchange, following the confirmation of an ongoing investigation by the Belgian court. Wise "takes extremely seriously" the fight against financial crime, reacted the company.
Belgian investigators are investigating whether Wise accounts have been used by criminals, about possible money laundering and suspicious transactions of more than EUR 500 million.
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