Shares of the UK-based international money transfer service Wise tumbled on Monday, dropping as much as 19% in London. The decline follows confirmation that the fintech company is answering questions from prosecutors in Belgium.
According to a report by the Bureau of Investigative Journalism, the investigation involves approximately €500 million ($582.5 million) worth of suspicious transactions. Belgian investigators are examining whether the firm's services were used by criminal groups to launder proceeds from drug trafficking, corruption, and suspected fraud.
Wise stated that it is currently working with the Brussels prosecutor's office to respond to queries, a process it says it routinely performs with regulators and law-enforcement authorities. The company further noted that no specific findings have been shared with them to date.
The shares were down around 15% at 0900 GMT as news of the investigation spread. The company, a prominent figure in the London fintech scene, recently shifted its primary listing to the Nasdaq.