Shares of the digital payments giant Wise Group PLC (WSE.US) plummeted sharply following reports that it is under investigation in Belgium over approximately €500 million in suspicious transactions.

The stock was down 11.35% at the latest update.

Belgian prosecutors are reportedly examining the company on concerns that its accounts may have been used by criminals for money laundering, involving proceeds from fraud, corruption, and drug trafficking.

The investigation is said to have been initiated in 2025.

Prosecutors are looking into potential breaches of anti-money laundering regulations across more than 30 European countries where the firm operates, with the probe expected to conclude soon.

Wise Group issued an official statement regarding the investigation, not directly confirming the reported sum involved.

The company's core response stated that it is cooperating with the Brussels public prosecutor's office and responding to inquiries about its operations, which it described as part of its standard process for engaging with regulators and law enforcement.

To date, the company stated it has not received any definitive conclusions from the investigation.

Wise Group indicated that information requests from law enforcement and suspicious activity reports are a normal part of business operations and do not, in themselves, signify any compliance failures or misconduct regarding anti-money laundering.

The company added that, like all financial institutions, it faces risks from bad actors attempting to misuse its platform but continues to invest in technological systems and expert teams to address evolving threats.