Belgian federal prosecutors have confirmed they are conducting an advanced investigation into Wise Europe, the Belgian-based subsidiary of the British money transfer company, over allegations that its services were used by criminal networks to launder money. The probe, launched last year, centres on suspicions that the firm failed to comply with anti-money laundering (AML) regulations, particularly regarding customer identification and transaction monitoring.
The Brussels prosecutors' office stated that the investigation was initiated after Wise's name appeared repeatedly in hundreds of mutual legal assistance requests from other countries. A spokesperson told AFP that the inquiry is now nearing its conclusion, with findings primarily pointing to the use of Wise accounts for criminal purposes. "There are indications of non-compliance with anti-money laundering legislation, especially due to a failure to identify customers and their activities," the spokesperson said.
Investigators are examining whether criminal groups may have channelled proceeds from fraud, corruption, and drug trafficking through Wise's platform. The company, which processes approximately 4.7 million transactions daily and serves over 19 million active customers worldwide, reported handling more than €213 billion in cross-border transactions during its 2026 financial year.
Company Response and Regulatory Context
Wise Europe, headquartered in Belgium, has stated it is cooperating fully with the authorities and responding to information requests. In a statement, the company described such requests as "a normal part of operations" and emphasised that they are not, in themselves, indicative of non-compliance or wrongdoing. "No specific findings have been shared with us to date," the firm added.
The case highlights ongoing scrutiny of fintech firms operating across the European Union, where AML rules are harmonised but enforcement varies by member state. Belgium has been particularly active in pursuing financial crime cases, as seen in other recent investigations. The outcome of this probe could have implications for Wise's European operations and the broader regulatory landscape for digital payment platforms.
This investigation comes amid a series of high-profile financial crime cases in Europe. For instance, France has opened a judicial inquiry into alleged torture of Gaza flotilla activists, reflecting the continent's commitment to legal accountability. Meanwhile, a tragic Belgian level crossing crash that killed four, including two children, has drawn attention to infrastructure safety issues.
The European Union has been tightening its AML framework, with the creation of a new Anti-Money Laundering Authority (AMLA) set to begin operations in 2025. This investigation could serve as a test case for how national regulators and the new EU body coordinate oversight of cross-border financial services.
Wise, which went public in London in 2021, has built its brand on transparency and low-cost international transfers. However, the company has faced regulatory challenges before, including fines in other jurisdictions for AML shortcomings. The Belgian probe adds to the pressure on the firm to demonstrate robust compliance systems.
As the investigation concludes, the Brussels prosecutors' office is expected to decide whether to bring formal charges or impose sanctions. The case underscores the delicate balance fintech companies must strike between innovation and regulatory compliance, particularly in a region as diverse and interconnected as Europe.
