An anti-money laundering law that did not cover casinos. A weekend and a holiday in the targeted banks in at least three countries. A Swift system that worked. And human slip-ups that rang alarm bells but also consummated the biggest documented cyber heist and money laundering in the Philippines.
Banks face high costs of maintaining extensive branch networks while having their market share eroded by the ever-growing presence of payments solutions companies and mobile operators providing low-cost alternatives.