Wise took up remediation plan in Europe over anti-money laundering controls, FT reports

Regulatory Action on Wise: British money transfer firm Wise has been placed under a formal remediation plan by European regulators due to deficiencies in its anti-money laundering controls, specifically lacking proof of address for many customers as identified by the Belgian National Bank.

Implementation of Remediation Plan: Wise has agreed to contact affected customers for proof of address and will freeze accounts of those who do not comply within the specified timeframe, following recommendations from the Belgian regulator.