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And remember, the crimes funded with laundered money are violent -- terrorism and global trade in drugs, weapons, endangered animals, and human beings. A million children are trafficked every year. This is easy money, highly profitable, with low chance of being caught. Technology can change that. Financial crimes have data typologies, distinctive patterns that become easy to spot if we can consolidate and analyze enough information.

New digital identity techniques can screen nearly everyone, cheaply and accurately.

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We have the technology to do all this well. We need to update the regulations. Wintermeyer: Regulators currently seem preoccupied with decentralized cryptocurrency exchanges as platforms for money laundering and terrorist financing, which appear marginal next to what is going on in the real global banking system. Does regtech have a role to play here? Blockchains arguably have higher promise, and higher risk, than any other innovation except maybe AI. They can accelerate financial processes and reduce costs, whether by moving payments on the internet or enabling new ways to raise capital.

Most regulators aim for a balance between over- and under-regulating, but the learning curve is daunting. The road will be bumpy. Will we soon see regtech sandboxes where regulators could experiment with new technologies like artificial intelligence, machine learning and blockchains?

Global debt continues to grow, fueled by new borrowers

Will we see more regulatory sandboxes being launched by US regulators? Barefoot: I hope so! Traditional regulatory change is slow. Technology change is fast, and accelerating. The widening gap between the two is loaded with risk for consumers, the financial system, and regulators themselves. Regulators throughout the world are creating sandboxes, greenhouses and reglabs: safe, risk-controlled spaces where they can try things out, study how new products and practices really work, and learn hands-on. All the federal US regulators and several states have innovation initiatives launched or planned.

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Most focus more on testing fintech than trying regtech, but both are coming. Is this possible?

If so, what changes will it bring? That could drastically reduce compliance costs, mistakes, and time lags. Experts in financial regulation and technology teamed up to translate a regulatory reporting requirement from words into code and run it against a set of test data.

The future of regulation

When the computer produced a correct report -- in ten seconds -- the participants jumped up and cheered. Report: Banking on the platform economy. The banking industry is poised to reap big rewards from platform business models. Derive insights from unstructured data with text analytics. Analyze text in unstructured data. Automate your essential planning, budgeting and forecasting processes.

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