Modern financial regulation needs to encourage disruptive innovation without allowing unacceptable risks. Implemented correctly, it can result in transformational advancements without sacrificing consumer confidence or trust.
Advisers and wealth managers view the introduction of artificial intelligence with some concern about how it will affect the industry. They can learn much from banking's approach to the emerging technology.
UBS and other banks have announced that they’re hoping to develop and roll out a new blockchain related development to aid in the settlement of financial trades. Some are very much getting the wrong end of this stick and arguing that this is a new currency and that there will be all sorts of tax and money laundering implications to this.
How much money is being laundered? Estimates are all over the map, but the bottom line is: a lot. The IMF and United Nations Office on Drugs and Crime (UNODC) estimate the scale of global money laundering falls somewhere around two to five percent of global gross domestic product, roughly the size of the U.S. federal budget.