In Belgium, the UK money transfer company Wise is currently under investigation by Belgian prosecutors due to suspicions that criminals may have exploited its accounts for money laundering activities. The investigation, which is focused on Wise's European operations, has been reported to be nearing its conclusion. Belgian authorities have indicated that the findings primarily concern the use of Wise accounts for criminal purposes, highlighting potential non-compliance with anti-money laundering legislation, particularly regarding the identification of customers and their activities. Wise has stated that it is cooperating with the Brussels prosecutor's office, although it has not received any specific findings to date. The company emphasized that requests for information from law enforcement are a normal part of operations and do not necessarily indicate wrongdoing or non-compliance with anti-money laundering requirements. The investigation reportedly began last year, and Wise has processed approximately 4.7 million transactions daily. The scrutiny of Wise's anti-money laundering controls is not new; the firm has faced similar challenges in the past. In 2024, the Financial Times reported that the National Bank of Belgium had instructed Wise to improve its processes after discovering that it lacked proof of address for hundreds of thousands of customers. Additionally, Wise was fined $4.2 million by six US states for anti-money laundering compliance violations last year and received a $360,000 fine from Abu Dhabi's financial services regulator in 2022. In each instance, Wise claimed to have addressed the regulators' concerns. The company has acknowledged the reality of increasingly sophisticated criminal actors attempting to exploit its platform and has stated that it takes financial crime very seriously. Approximately one-third of Wise's global staff is dedicated to protecting customers from such threats. The recent investigation has led to a significant drop in Wise's shares, which fell by 17.5% following the news. As the investigation progresses, the implications for Wise's operations and reputation in the financial sector remain to be seen.