Wise shares drop 14% amid Belgian money-laundering probe

Shares in the money transfer company Wise fell sharply on Monday after the firm confirmed it was responding to an investigation by Belgian prosecutors into potential money laundering through its accounts. The investigation centers on suspicious transactions valued at approximately 500 million euros.

The Brussels Public Prosecutor’s Office opened the probe last year after noticing Wise accounts frequently appeared in hundreds of cross-border judicial assistance requests from more than 30 European countries. Authorities are examining indications of non-compliance with anti-money laundering legislation, focusing on whether the company failed to adequately identify customers and their activities. The investigation is specifically looking at whether proceeds from fraud, corruption, and drug smuggling were funneled through the platform.

In a statement, Wise confirmed it is working with the Brussels prosecutor. The company said no specific findings have been shared with it to date and that it would be speculative to comment on any allegations. Wise characterized requests for information from law enforcement as a normal part of operations, stating they are not inherently indicative of...