Belgian prosecutors probe Wise Europe over €500m in suspect transactions, shares plunge 18%

The investigation

Belgian judicial authorities are conducting a money laundering investigation targeting Wise Europe, the continental subsidiary of the British international payments giant. The Brussels public prosecutor's office confirmed on Monday that the probe, opened in 2025, is now at an advanced stage and nearing its conclusion. The case involves more than half a billion euros in suspicious transactions, as reported by Le Soir, De Standaard, and the European Investigative Collaborations (EIC) media network.

The investigation is today at an advanced stage and is coming to an end.

The inquiry focuses primarily on the use of Wise accounts for criminal purposes, with indications of non-compliance with anti-money laundering legislation, notably due to a failure to identify customers and their activities. Wise Europe reportedly appears in hundreds of criminal files arriving in Belgium via international judicial assistance requests from around thirty European countries.

Criminal activities flagged

Prosecutors have linked the suspicious transactions to various underlying offences, including online fraud, corruption, illegal casinos, and drug trafficking. The Belgian judiciary is examining whether Wise Europe's services were used by criminal organisations, including international ones. The Brussels prosecutor's office stated it is preparing to refer the case to the criminal court, though the subsidiary could also negotiate a penal transaction with the public prosecutor.

The investigation mainly concerns the use of Wise accounts for criminal purposes, with indications of non-compliance with anti-money laundering legislation, in particular due to a lack of identification of customers and their activities.

Wise's response

Wise has pushed back against the implications of the probe. The company stated that the investigations in Belgium "are not, in themselves, indicative of non-compliance with anti-money laundering requirements or any wrongdoing." The firm emphasised that fighting financial crime is a challenge across the entire sector and that it takes the matter extremely seriously, noting that roughly one-third of its global workforce is dedicated to protecting customers from financial crime. Wise also pointed out that the investigation remains incomplete and that no specific findings have been shared with the company to date.

The fight against financial crime is a challenge across the entire sector, which Wise takes extremely seriously.

Market impact

Investors reacted sharply to the news on Monday. Wise shares tumbled as much as 18% on the London Stock Exchange, wiping roughly £1 billion off the company's market value. The fintech firm, founded by Estonian businessmen Kristo Käärmann and Taavet Hinrikus, has grown into a global payments powerhouse, transferring some €200 billion around the world last year for 19 million active customers and generating revenue of €1.4 billion. The company processes approximately 4.7 million transactions daily.

What comes next

After Brexit, Wise's Brussels subsidiary manages all payments and clients for the European single market, which is why Belgian magistrates are coordinating the various European criminal files. The Brussels prosecutor's office is now preparing either to send the case to the criminal court or to negotiate a settlement. The outcome could set a significant precedent for how fintech platforms are held accountable for anti-money laundering compliance across the European Union.