Wise under investigation for money laundering control

What happened: Belgian prosecutors are investigating Wise, a UK-based international money transfer service, over suspicions of money laundering through its accounts. The probe involves €500 million in suspicious transfers. Wise confirmed it's cooperating with the investigation but hasn't received specific findings.

Market impact: Wise shares fell as much as 20% on Monday, March 20, 2023, following the news. This drop affected the fintech sector, with investors likely reassessing the company's risk profile and regulatory compliance.

What to watch next: Wise's next earnings report, scheduled for May 25, 2023, will provide insights into the financial impact of the investigation. Additionally, any updates or conclusions from the Belgian prosecutors' probe will significantly influence the narrative and market reaction.