Wise tumbles after confirming contact with Brussels prosecutor

Wise PLC (LSE:WISE, FRA:6WS) shares fell more than 13% after the money transfer group confirmed it was responding to enquiries from prosecutors in Belgium following media reports about its anti-money laundering controls.

Shares in the fintech company, whose Wise Europe business is based in Belgium, were down 124p to 810p by late morning.

Wise said it is "currently working with the Brussels prosecutor to respond to queries about our business, as we routinely do with regulators and law-enforcement authorities".

Wise added that the enquiries were ongoing and incomplete.

The prosecutor's enquiries are "still incomplete and 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.

As Wise Europe serves customers across the European Economic Area through the EU passporting regime, law enforcement requests from across the region are directed to Belgian authorities.

Wise stressed that responding to requests from law enforcement agencies and filing suspicious activity reports were normal parts of operating a financial institution and were not, by themselves, evidence of wrongdoing or regulatory breaches.

The group said it employs extensive anti-financial crime controls and that around one-third of its global workforce is dedicated to protecting customers from financial crime.

Wise said it would update shareholders and the market when appropriate.