Wise, the London-based money transfer platform, confirmed it is under investigation by Belgian prosecutors over suspected money laundering involving €500 million in transactions through its accounts.
The fintech company disclosed the investigation in a regulatory filing, stating that Belgian authorities are examining whether its platform was used to facilitate illicit financial flows. The €500 million figure represents the total volume of transactions under scrutiny.
Wise, which specializes in international money transfers and currency exchange, operates across multiple jurisdictions and has become a major player in the remittance sector. The company has faced regulatory scrutiny in various countries as authorities increasingly focus on compliance and anti-money laundering measures within the fintech space.
The investigation does not necessarily imply wrongdoing by Wise itself, as money transfer platforms can be used by bad actors despite compliance controls. However, it highlights ongoing pressure on financial technology companies to strengthen their know-your-customer and transaction monitoring systems.
Wise has not disclosed additional details about the investigation's scope or timeline. The company continues to operate normally while cooperating with Belgian prosecutors.
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