Shares 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”.
TBIJ reported that the Belgian authorities’ investigation into Wise, external began last year.
Founded in London in 2011, Wise is best known for facilitating cross-border money transfers and has more than 19 million customers worldwide. Wise says it processed about 4.7 million transactions a day.
It is dual-listed in the US and UK, having moved its primary stock market listing to the US Nasdaq index last month. Its European business is based in Belgium, from where it serves the rest of Europe and the EU.
