Wise shares sink amid regulatory scrutiny from Brussels

(Alliance News) - Wise PLC on Monday said it was "working with the Brussels prosecutor to respond to queries about our business".

In response, shares in the London-based financial technology firm, focused on currency transfer services, slid 15% to 792.00 pence on Monday morning in London.

Wise stressed that its engagement with authorities is a routine part of business, and is not in itself "indicative of non-compliance with anti-money laundering requirements or of any wrongdoing".

"Combating financial crime is an industry-wide challenge that Wise takes extremely seriously as a financial institution with over 80 regulatory licences globally," Wise added.

Wise Europe is established in Belgium, from which it serves the continent through the EU financial services passporting system, which means any law enforcement requests in the European Economic Area are redirected to Brussels.

The company said enquiries from the Belgian prosecutor's office "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. We will continue to engage with the Brussels prosecutor's office if and when any specific findings are made available to us," Wise noted.

"Like every financial institution, we face the reality of increasingly sophisticated bad actors attempting to exploit our platform, and we continually invest in tech-enabled systems and teams to stay ahead of ever-evolving threats," the company added.

By Holly Munks, Alliance News reporter

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