By 
Wise, the global fintech company, entered a European remediation plan following a review by the National Bank of Belgium (NBB) in early 2022, according to a report by the Financial Times. The review revealed that Wise lacked proof of address documentation for hundreds of thousands of its customers, multiple sources confirmed.
Regulatory Actions in Belgium
The NBB instructed Wise to address the issue by creating a remediation plan. Under this directive, the company was required to contact affected customers within weeks, requesting proof of address. Customers who failed to provide the necessary documents within the stipulated timeframe faced account freezes as part of compliance measures.
In response to the findings, Wise stated:
“We worked closely with our regulator in Belgium and have fully implemented their recommendations.”
Global AML Compliance Challenges
The issues in Belgium are not an isolated case for Wise. In 2022, the company faced a $360,000 fine from Abu Dhabi’s financial regulator for failing to “establish and maintain adequate AML systems and controls” necessary for compliance with anti-money laundering (AML) obligations.
The developments highlight the increasing scrutiny fintech firms face as regulators globally tighten enforcement of AML standards to safeguard financial systems from illicit activities. Wise’s remediation efforts reflect its attempt to align with these expectations and reinforce its compliance infrastructure across jurisdictions.
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