The British fintech Wise, one of the world’s leading operators in international money transfers, has come under scrutiny by the Belgian judiciary in a wide-ranging investigation into the possible use of its accounts in money laundering operations linked to fraud, corruption, drug trafficking, and other criminal activities. The news had an immediate impact on the markets: the stock, listed on Nasdaq and with a secondary listing in London, lost over 18% in the early hours of trading, then settled around a 14-15% drop, at lows not seen since November 2024. The plunge reduced the group’s capitalization to about 8.3 billion pounds.
THE INVESTIGATION BY THE BRUSSELS PROSECUTOR’S OFFICE
At the center of the investigation is Wise Europe, the Brussels-based subsidiary that, after Brexit, manages the company’s entire activity in the European single market. According to reports from the Bureau of Investigative Journalism along with the European Investigative Collaborations (Eic) network, and then picked up by numerous media outlets, Belgian prosecutors are examining over half a billion euros in suspicious transactions reported by judicial authorities from more than thirty European countries.
The Brussels Prosecutor’s Office confirmed the opening of a judicial investigation into the company in 2025. The inquiry concerns possible violations of anti-money laundering regulations by the group’s European subsidiary. According to the prosecutors themselves, the proceeding is now in an advanced phase and close to conclusion.
The files received in Belgium through rogatory letters and requests for international judicial assistance reportedly concern accounts or transactions linked to cases of online fraud, corruption, illegal casinos, and drug trafficking. Wise Europe would appear in “hundreds of criminal cases” reviewed by the authorities. Investigators are also verifying whether the European subsidiary’s services have been used by internationally active criminal organizations.
The Prosecutor’s Office is checking whether Wise has properly complied with the obligations set by anti-money laundering regulations. The checks particularly concern customer identification procedures and controls carried out on their activities, as reported by the Financial Times.
The company could be brought to trial before the criminal court or negotiate an agreement with the Belgian Prosecutor’s Office.
WISE’S DEFENSE
Wise has confirmed the existence of communications with the Brussels Prosecutor’s Office, without commenting on the content of the investigation. “We are responding to requests for information regarding our activities, as regularly happens in relations with supervisory authorities and law enforcement,” a company spokesperson stated.
The company therefore urges not to draw hasty conclusions, explaining that, at present, no specific accusations have been made against it and that it would be premature to comment on hypotheses or charges before the checks are concluded.
Wise also emphasizes that, after Brexit, the Belgian subsidiary manages customers and payments for the entire European single market through the European financial services passport system. For this reason, requests from judicial authorities and law enforcement agencies of the European Economic Area countries are centralized in Brussels, unlike what happens with traditional banks that have national branches.
The fintech finally highlights that it invests significantly in anti-money laundering controls: about one-third of the global workforce is employed in financial crime prevention activities, customer verification, and transaction monitoring through dedicated technological systems.
WHO WISE IS AND WHAT IT’S WORTH
Founded in 2011 by Kristo Käärmann (in the photo) and Taavet Hinrikus under the name TransferWise, the company has become one of the leading global fintech groups specializing in international payments and cross-border financial services.
The headquarters remain in London, but the group has progressively built a global presence. Wise operates in over 160 countries, supports more than 40 currencies, and holds over 70 regulatory licenses worldwide.
The company manages three main business lines: Wise Account for retail customers, Wise Business for enterprises, and Wise Platform, which allows banks and large financial institutions to use the infrastructure developed by the British fintech. Among the cited partners are Morgan Stanley, Standard Chartered, Nubank, and Itaú Unibanco.
According to the 2025 annual report, Wise has invested over 3 billion pounds in its technological infrastructure since the group’s inception and plans further investments of about 2 billion in the next two years. The platform processes over 3.5 million transactions per day and employs more than 850 engineers dedicated to developing internal systems.
THE NUMBERS OF GROWTH
The investigation comes at a time when Wise continues to record strong operational expansion.
In the financial year ended March 31, 2025, the group reported 15.6 million active customers, cross-border transfer volumes of 145.2 billion pounds, and customer balances of 21.5 billion pounds. Revenues reached 1.21 billion pounds, while pre-tax profit rose to 564.8 million.
The most recent data show further acceleration. Active customers grew by 21% to 18.9 million, while cross-border transaction volumes reached 181.7 billion pounds, up 25%. Underlying income rose to 1.609 billion pounds.
In the fourth quarter alone, volumes hit 49.4 billion pounds, with a 26% year-on-year increase, while quarterly active customers reached 11.3 million. Balances held in Wise accounts reached 29.4 billion pounds.
The company also continues to reduce fees applied to transfers. In 2025, the so-called cross-border take rate had fallen to 0.58%, while in the fourth quarter of 2026 it further declined to 0.51%.
PREVIOUS ANTI-MONEY LAUNDERING CONTROL ISSUES
It is not the first time that Wise or its control systems have come under the authorities’ scrutiny. In 2022, the Emirati subsidiary Wise Nuqud was fined by the Abu Dhabi Global Market financial authority for shortcomings in anti-money laundering safeguards and high-risk customer verification procedures, although no concrete cases of money laundering emerged.
In 2024, moreover, the National Bank of Belgium imposed a compliance plan on the group after detecting deficiencies in documentation related to hundreds of thousands of customers.
In 2025, the US subsidiary was then sanctioned for 4.2 million dollars following an investigation by supervisory authorities in six US states for violations of anti-money laundering and counter-terrorism financing regulations.
On the leadership front, in 2024 CEO and co-founder Kristo Käärmann was also fined by the UK Financial Conduct Authority for failing to promptly notify the regulator of a tax dispute received from HM Revenue & Customs, related to an undeclared capital gain from a share sale.
NEXT STEPS
At present, no definitive charges or formal accusations have been made against the group. However, the investigative phase is reportedly advanced.
With the proceeding now close to conclusion, attention could also shift to the role of British authorities, starting with the Financial Conduct Authority, since Wise retains its headquarters in London despite the recent transfer of its primary listing to Nasdaq. The matter arises while the group is completing the shift of its stock market focus towards the United States, a choice that had sparked discussions in the London City.
