Belgian investigators are examining whether the firm's services were used by criminal groups to launder proceeds from suspected fraud, corruption and drug trafficking.
Belgian prosecutors are in the advanced stages of an investigation into money transfer company Wise over suspicions that criminal groups used its accounts for money laundering, authorities said on Monday.
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The Brussels prosecutors' office said it launched the probe last year after the British firm's name repeatedly appeared in hundreds of requests for assistance from investigating authorities in other countries.
"The investigation is now at an advanced stage and nearing its conclusion," a spokesperson for the prosecutors' office told AFP, confirming information first reported by the European Investigative Collaborations (EIC) network.
"The findings primarily concern the use of Wise accounts for criminal purposes, with indications of non-compliance with anti-money laundering legislation, particularly due to a failure to identify customers and their activities."
Investigators are examining whether criminal groups may have used Wise services to launder proceeds from illicit activities, including fraud, corruption and drug trafficking.
The probe focuses on Wise Europe, the firm's Belgium-based European subsidiary, which said it was cooperating with prosecutors and responding to requests for information about its business.
Such requests for information "are a normal part of operations and are not, in themselves, indicative of non-compliance with anti-money laundering requirements or of any wrongdoing," the company said in a statement.
"No specific findings have been shared with us to date," the company added.
Wise, which has more than 19 million active customers worldwide, says it processes approximately 4.7 million transactions per day.
The company said it processed more than $243 billion (€213 billion) in cross-border transactions during the 2026 financial year.
By midday, Wise shares on the London Stock Exchange were down nearly 15%.
