Wise Plc, the London-listed cross-border payments company, faces a major compliance crisis. Belgian prosecutors have launched an investigation into potential money laundering on its platform, sending shares down as much as 19% on June 1, the stock's worst day since its 2021 IPO. By mid-morning, the stock recovered slightly but still traded roughly 13% lower.
The Brussels Public Prosecutor's Office opened the probe last year, focusing on Wise accounts allegedly linked to suspicious transactions exceeding €500 million. Those transactions reportedly connect to fraud, drug trafficking, and corruption cases spanning over 30 countries. Wise has confirmed cooperation with investigators, noting no specific findings have been disclosed yet.
This is not an isolated incident. In 2022, the National Bank of Belgium issued a remediation order over customer due diligence lapses. In July 2025, Wise settled with six US states for $4.2 million over anti-money laundering deficiencies. ING and Worldline have faced similar scrutiny in Belgium, signaling a broader regulatory crackdown.
For investors, the key question is whether Wise's compliance systems were robust enough to catch this activity. The outcome could range from a fine to more severe consequences.