Wise Implements AML Remediation Plan in Europe
Hey FinTech Fanatic!
Wise has been tackling a formal remediation plan from European regulators after a 2022 review by the Belgian National Bank flagged anti-money laundering (AML) issues. According to the Financial Times, the review found Wise lacked proof of address for hundreds of thousands of customers.
The company responded swiftly, collaborating with regulators to implement their recommendations. Wise contacted affected customers within weeks, requesting proof of address and freezing accounts that failed to comply.
While the Belgian National Bank declined to comment, Wise emphasized its proactive approach, stating, "We worked closely with our regulator and fully implemented their recommendations."
Founded in 2011 and listed on the London Stock Exchange in 2021, Wise aims to make international money transfers simpler and fairer.
Catch you tomorrow with more updates!
Cheers,
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