Mastodawn

BBC News | Money transfer firm Wise under investigation over money laundering control concerns

AI generated summary, Read the full article for complete information.

Wise is under investigation by Belgian prosecutors over allegations that its European operations were used for money‑laundering, with suspicion that criminals exploited Wise accounts across 30 European countries in about €500 million of suspicious transactions. While the probe is nearing its conclusion, Wise says it has cooperated with the Brussels prosecutor’s office but has not received any specific findings, deeming comment speculative. The news sparked a 17.5% drop in Wise’s shares; the company, which serves over 19 million customers worldwide and processes roughly 4.7 million transactions daily, emphasized that requests for information from law‑enforcement are routine and that it takes financial crime seriously, noting past AML scrutiny—including a fine for lacking proof‑of‑address checks and penalties in the US and Abu Dhabi that it has since addressed.

#Wise #Belgianprosecutors #BureauofInvestigativeJournalism #EU

Wise under investigation over money laundering control concerns

Wise says it is working with the Brussels prosecutor's office but that "no specific findings have been shared with us to date".