Wise under investigation over money laundering control concerns

Wise under investigation over money laundering control concernsJust nowShareSaveAdd as preferred on GoogleDaniel ThomasBusiness reporter Jaque Silva/NurPhoto via Getty ImagesWise said it had 19 million customers last year UK money transfer company Wise is being investigated over suspicions criminals used its accounts for money laundering, Belgian prosecutors have told French media.Wise said it was working with the Brussels prosecutor's office but that "no specific findings have been shared with us to date".Belgian prosecutors told press agency AFP the investigation, which is focused on Wise's European operations and not its UK business, was "nearing its conclusion".The confirmation comes after The Bureau of Investigative Journalism (TBIJ) reported the company's platforms were suspected of being involved in around €500m (£432m) worth of suspicious transactions spanning 30 European countries.Shares in in the company, which is listed in London and the US, fell sharply by 17.5% after the news broke.A spokesperson for the Brussels prosecutors' office told AFP the investigation was "now at an advanced stage"."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," the spokesperson added.In a statement, Wise said it was 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. As such, it would be speculative for us to comment on any allegations," the company said.It said requests for information from law enforcement agencies were "a normal part of operations and are not, in themselves, indicative of non-compliance with anti-money laundering requirements or of any wrongdoing&q...