Wise Shares Fall Up to 19% After Belgian Prosecutors Investigate €500 Million in Suspicious Transactions
Shares in money transfer company Wise plunged as much as 19 percent in London trading on Monday after the Bureau of Investigative Journalism reported that the Brussels Public Prosecutor’s Office is investigating the fintech’s European entity over approximately €500 million — equivalent to $582.5 million — in suspicious transactions allegedly linked to fraud, drug trafficking and corruption. Wise’s London-listed shares were down around 15 percent at 0900 GMT on Monday. The company confirmed it is cooperating with Belgian prosecutors but said no specific findings have been shared with it to date. who
The Brussels Public Prosecutor’s Office said the investigation, which began last year and is nearing completion, concerns potential money laundering offences with alleged links to fraud, corruption and drug trafficking. Wikipedia
The inquiry is examining compliance issues related to anti-money laundering regulations across more than 30 European countries. cdc
Wise issued a statement in response to the reporting. The company said: “We are currently working with the Brussels prosecutor to respond to queries about our business, as we routinely do with regulators and law-enforcement authorities. No specific findings have been shared with us to date.” The company added that requests for information from law enforcement agencies and suspicious activity reports “are a normal part of operations and are not, in themselves, indicative of non-compliance with anti-money laundering requirements or of any wrongdoing.” who
The Belgian investigation was reportedly sparked by hundreds of cross-border judicial requests that flagged suspicious transactions flowing through Wise accounts. globalsecurity
The probe arrives at a particularly sensitive moment for the company. Just weeks earlier, in May 2026, Wise completed its primary listing on the US Nasdaq while retaining a secondary listing in London, marking a major strategic shift for the company. Wise Group PLC saw its stock fall 13.39 percent to $11.06 in pre-market trading on Monday. Shares plummeted as much as 20 percent intraday before clawing back some losses, settling around 9 to 15 percent lower by the close. Wikipedia + 2
This is not the first time Belgian regulators have taken formal action against Wise. In 2022, the National Bank of Belgium required the company to implement a remedial action plan to address gaps in customer verification and due diligence procedures that reportedly affected hundreds of thousands of users. Monday’s investigation goes substantially further, moving from regulatory remediation into criminal prosecution territory. globalsecurity
Wise’s broader compliance history adds context to the Belgian case. In 2022, the United Arab Emirates’ financial regulator fined Wise $360,000 for shortcomings in its anti-money laundering controls, including inadequate due diligence for high-risk customers. In 2023, the UK’s Office of Financial Sanctions Implementation revealed that Wise had allowed a company linked to an individual on the UK’s Russia sanctions list to transfer £250. In October 2024, UK financial regulators imposed a £350,000 fine on Wise Chief Executive Officer Kristo Käärmann for breaching conduct rules and failing to inform them of significant tax issues. The StarThe Star
Regional and Global Impact
The Belgian investigation and its market impact land inside a broader European push to tighten oversight of digital money transfer platforms. Authorities in Europe have been trying to crack down on illicit finance following the collapse of Wirecard and a 2019 money laundering scandal. For regulators, the Wise case raises questions about whether the compliance frameworks that fintech companies use to process high volumes of cross-border transactions are adequate to prevent systematic misuse. The inquiry spans more than 30 European countries, suggesting the transactions under examination are not confined to Belgium but routed through Wise’s European entity from multiple jurisdictions. Wikipediacdc
For investors, the share price reaction on Monday reflects the degree to which Wise’s premium valuation rests on regulatory trust. Wise Group carried a GF Score of 96 out of 100 and a price-to-earnings ratio of 26.17 before Monday’s decline, indicating the market had priced the stock for continued high growth. A criminal investigation of this scale introduces uncertainty that such a valuation cannot easily absorb. cdc
Background
Wise, formerly known as TransferWise, was founded in 2011 and operates one of the world’s most widely used international money transfer platforms, processing billions of dollars in cross-border transactions each month. The company floated on the London Stock Exchange in 2021 in one of the UK’s largest ever tech listings. Its European operations are run through a Belgian-regulated entity, giving the Brussels Public Prosecutor’s Office jurisdiction over the conduct under investigation. The investigation is reported to be nearing completion, meaning a formal decision on whether to proceed to prosecution could come in the months ahead. Wise’s shift to a Nasdaq primary listing last month was presented as a move to access deeper US capital markets and a broader investor base. Wikipedia
What Happens Next
Wise has not confirmed the €500 million figure cited in the Bureau of Investigative Journalism’s report, nor has it indicated whether it expects formal charges to follow. The Brussels Public Prosecutor’s Office has not published a timeline for completing the investigation or stated when a charging decision might be made. The investigation is described as nearing completion, which suggests a decision is closer than the company’s neutral public statement implies. Wise’s board and its new Nasdaq-listed shareholder base will face pressure to provide more substantive disclosure as the Belgian process advances. No UK or US regulatory body has issued a statement in connection with Monday’s reporting. Wikipedia
