London, June 1, 2026 — Wise Plc, the UK-based international money transfer platform and prominent player in London’s fintech landscape, has confirmed it is under investigation by Belgian authorities over concerns regarding its anti-money laundering (AML) controls, sending the company’s shares tumbling sharply in early trading.
Investigation Details and Scope
The Brussels Public Prosecutor’s Office opened a judicial investigation into Wise Europe, the company’s Belgium-based European subsidiary, in 2025, according to official statements. The inquiry is now described as being “at an advanced stage and nearing its conclusion”.
Belgian prosecutors told AFP news agency that the investigation primarily focuses on Wise’s European operations rather than its UK activities. The probe encompasses suspicious transactions estimated at €500 million (£432 million) spanning more than 30 European countries.
According to reports from the Bureau of Investigative Journalism (TBI), Wise accounts appeared in hundreds of requests for cross-border assistance in criminal cases from investigating authorities across Europe, prompting the investigation to be launched last year.
Alleged AML Control Failures
A spokesperson for the Brussels prosecutor’s office provided specific details about the findings to French media outlets. The investigation uncovered “signs of non-compliance with anti-money laundering regulations, particularly due to inadequate customer identification and activity verification”.
The official statement elaborated: “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”.
Investigators are examining whether criminal groups exploited Wise services to launder proceeds from illicit activities including:
| Criminal Activity | Details |
|---|---|
| Online fraud | Fraudulent transactions through Wise accounts |
| Corruption | Suspicious cross-border transfer patterns |
| Illegal casinos | Unregulated gambling-related transactions |
| Drug trafficking | Proceeds from narcotics operations |
Prosecutors identified “structural indications of non-compliance with anti-money laundering (AML) legislation, specifically pointing toward a systematic failure to properly identify customers and monitor their financial activities”.
Wise’s Official Response
In a disclosure to the London stock exchange, Wise issued an official statement addressing the investigation:
“We are currently collaborating with the Brussels prosecutor to address inquiries about our business, as we routinely do with regulatory and law-enforcement authorities. The prosecutor’s office’s inquiries are still ongoing, and no specific conclusions have been provided to us thus far”.
The company emphasized that such 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”.
Wise also noted that it has been in sporadic communication with the prosecutor over recent months. The firm stated that “no specific findings have been shared with us to date”.
Market Reaction and Share Price Impact
The announcement triggered an immediate and significant market reaction. Wise Plc shares dropped as much as 19% in London on Monday as the fintech company confirmed it’s answering queries from prosecutors in Belgium.
By early afternoon, shares had fallen by over 10% as investors absorbed the implications of the announcement. Other reports indicated the stock fell approximately 15% at 0900 GMT on Monday, while some sources cited declines of 17.5% to 18%.
The sharp decline reflected investor concern over the probe’s potential implications for Wise’s European operations and regulatory standing.
Investigation Timeline and Background
| Timeline Event | Date/Period |
|---|---|
| Investigation launched | 2025 (last year) |
| TBI report published | May 2026 |
| Prosecutor confirmation | June 1, 2026 |
| Current status | Advanced stage, nearing conclusion |
The investigation was initiated after Wise accounts appeared in hundreds of cross-border assistance requests from over 30 nations across Europe. Belgian authorities, where Wise’s European operations are based in Brussels, have been examining the case for approximately one year.
Previous AML Compliance Issues
This investigation follows a separate AML enforcement action against Wise’s U.S. arm. In July 2025, Wise US agreed to pay $4.2 million and invest in further compliance systems as part of a consent settlement with six states.
State regulators in Massachusetts, California, Minnesota, Nebraska, New York, and Texas found compliance weaknesses during an examination of Wise’s operations from July 2022 to September 2023. The violations included:
- Failure to provide for independent review of its AML program
- Deficiencies with processes for investigating and reporting suspicious activity
- Creating potential that services could be used to support money laundering or terrorism financing
As part of the settlement, Wise US will bolster investments in its anti-money laundering and terrorism financing programs and file quarterly reports to the states for two years.
Potential Legal Consequences
The Brussels public prosecutor’s office is reportedly on the verge of summoning Wise Group to appear in criminal court following the investigation into possible money laundering activities. If the prosecution proceeds, the company could face criminal charges related to AML compliance failures.
Belgian authorities have indicated they are looking into “signs of non-compliance with anti-money laundering regulations”. The Federal Prosecutor’s Office in Belgium accused the company of potentially failing to meet its anti-money laundering obligations.
Industry Context and Regulatory Scrutiny
Wise, which serves approximately 19 million users globally, has become a prominent player in London’s fintech landscape. The company was founded in Estonia and is now London-listed (LON: WISE).
The investigation highlights increasing regulatory scrutiny of fintech companies’ AML controls across Europe. Cross-border money transfer services face heightened oversight due to their potential vulnerability to exploitation by criminal networks for moving illicit funds.
What Happens Next
With the investigation described as “nearing its conclusion,” the next steps could include:
- Court summons: The public prosecutor may summon Wise to appear in criminal court
- Regulatory penalties: Potential fines or sanctions from Belgian financial authorities
- Operational restrictions: Possible limitations on Wise Europe’s operations
- Compliance requirements: Mandated improvements to AML systems and procedures
The Guardian has reached out to Belgium’s central directorate for the fight against serious and organized crime (DJSOC) for further comments.
Investor and User Implications
The sharp decline in Wise’s share price reflects market concerns about potential financial penalties, reputational damage, and operational disruptions. The company serves millions of customers globally who rely on its cross-border transfer services, and any restrictions on Wise Europe could impact service availability across the European market.
Wise maintains that it is cooperating fully with authorities and that the investigation does not necessarily indicate wrongdoing. The company’s future regulatory standing will likely depend on the investigation’s final findings and any subsequent enforcement actions.