Wise investigated in Belgium over money-laundering control concerns
Wise is under investigation by Belgian authorities regarding its money-laundering controls. The company is cooperating with the prosecutor's office. (sources: theguardian, bbc, reuters)
Wise has confirmed it is in discussions with the Brussels prosecutor's office amid concerns about its money-laundering controls. The investigation has led to a decline in the company's share value.
- Wise is responding to inquiries from the Brussels prosecutor's office.
- The company has stated that no specific findings have been shared with it to date.
- The investigation has resulted in a drop in Wise's share price.
Why it matters
The outcome of the investigation could impact Wise's operations and investor confidence.
↓ Congress can act on this
2 bills on this issue are moving right now — and the most active one is HR1799: Financial Reporting Threshold Modernization Act.
HR1799 · 119th Congress
Financial Reporting Threshold Modernization Act
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About this bill
What HR1799 actually does
This story is about Wise investigated in Belgium over money-laundering control concerns. This bill would Wise’s Belgium probe centers on whether a money-transfer fintech’s controls prevented (or failed to prevent) money laundering; this bill cha.
If passed, it would:
- Raise key $10,000 currency-transaction reporting thresholds in Treasury regulations to $30 • Raise certain suspicious activity report (SAR) dollar thresholds and update certain money-services-business (MSB.
1 other bill moving on this issue
Take action on any of them individually.
This story is about Wise investigated in Belgium over money-laundering control concerns. This bill would belgium: Add “wire transfer service providers” to the statutory list of BSA “financial institutions,” triggering AML-program expectations un.
If passed, it would
- Add “wire transfer service providers” to the statutory list of BSA “financial institutions • Require Treasury rulemaking (deadline-based) to implement the change.