Financial Times: Wise rebuked by European watchdog over money laundering controls

[linusAG]

Wise rebuked by European watchdog over money laundering controls​

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European regulators rebuked Wise, the London-listed fintech, over its anti-money laundering controls and forced the payments group into a formal remediation plan, according to five people familiar with the matter.

A review by the National Bank of Belgium, which supervises Wise in Europe, found in early 2022 that the fintech lacked proof of address for hundreds of thousands of customers, said three of the people.

 

[wellington]

Wise rebuked by European watchdog over money laundering controls​

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source​

To be fair this was true.

Think they've started clamping down since.

 

[Alexmorgan]

They need to know that closing innocent accounts is not the right way to control money launderers

Closing innocent people accounts will lead them to be close to the money launderers as they use them to clean their money

 

[Houdini]

They will deal with it, rest assured.