At a time when information flies at the speed of a mouse click, and supply chains, businesses, and people easily cross borders, the possibilities for transformation are endless. There is a lot of good news as a result: goods can get to market much faster and at more affordable prices; more people around the world have access to these markets; and there are signs that the middle class is growing in parts of the world that have been under-served for decades. The opening of the economy also translates into the opening of the press, free speech, and greater freedoms for people around the world.

But inevitably, there are also serious risks and challenges: false rumors and inaccurate reporting can also cause individuals significant difficulty in opening or maintaining banking services, attracting investment and the ability to travel freely. In this regard, banks have found themselves on the front line – given the important role they play in enabling transformation, while contending with the risks they face from enabling corruption or money laundering.