Financial technology company Wise is facing an investigation by the Brussels prosecutor's office over concerns about its money laundering controls. In a statement, Wise said it is working with the prosecutor's office but that 'no specific findings have been shared with us to date'. The investigation is believed to be focusing on Wise's AML (Anti-Money Laundering) controls, which are designed to prevent the company's platform from being used for illicit activities.
Wise has grown rapidly in recent years, with millions of customers using its platform to send and receive money across borders. The company's valuation has reached over £20 billion, making it one of the UK's most valuable fintech startups. However, the investigation into its money laundering controls has raised concerns about the company's ability to prevent illicit activity.
The Brussels prosecutor's office has not disclosed the specifics of its investigation, but it is understood to be looking into Wise's compliance with EU AML regulations. Wise has said it is cooperating fully with the investigation and is committed to ensuring the integrity of its platform.
Regulators have been increasing scrutiny of fintech companies in recent years, with many facing investigations into their AML controls. The investigation into Wise is a significant development for the company, which has been rapidly expanding its operations in recent years.
Wise's shares have been under pressure in recent days, with investors growing concerned about the potential implications of the investigation. However, the company has said it is confident that it will be able to resolve the matter.