Shares of London-listed fintech Wise plunged 18% after Belgian prosecutors launched a formal investigation into the company's accounts for possible money laundering tied to fraud, drug trafficking, and corruption.
The probe centers on suspicious transactions totaling approximately €500 million linked to Wise, which surfaced in judicial requests across more than 30 European jurisdictions. Belgian authorities reportedly received hundreds of such requests, prompting the investigation, which was opened in 2022 but only now publicly disclosed.
This is not Wise's first compliance stumble. In 2022, the National Bank of Belgium found significant gaps in customer due diligence, including missing proof of address for hundreds of thousands of customers. The company says it has since implemented all recommended fixes. In July 2025, Wise's US subsidiary was fined $4.2 million for inadequate anti-money laundering practices.
The 18% selloff reflects a repricing of regulatory risk. A finding of money laundering facilitation could jeopardize Wise's ability to operate in key jurisdictions and lead to fines far exceeding the US penalty.