Wise saw almost £2billion wiped off its value as Belgian authorities investigated concerns that the money transfer app has been used for criminal activity.
The fintech group said it was working with the public prosecutor in Brussels over money laundering allegations. Shares fell almost 20 per cent before closing down 8.1 per cent, or 76p, at 858p.
Wise is suspected of being used by criminals to move the proceeds of crimes, including fraud, corruption and drug trafficking.
The prosecutor said: ‘The findings mainly relate to the use of Wise accounts for criminal purposes, with indications of non-compliance with anti-money-laundering legislation, particularly due to a lack of proper identification of clients and their activities.’
The investigation was opened last year amid concerns over transactions of around £432million, but it only came to light yesterday in a report by the Bureau of Investigative Journalism.
