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In 2020, Australia’s financial crime watchdog AUSTRAC hit the Westpac bank with the biggest penalty in Australia’s corporate history – $1.3 billion – for failing to spot and stop more than 23 million instances of money laundering.

It seems like it would be hard to miss 23 million occurrences of anything – but therein lies the challenge for spotting money laundering in today’s global digital economy.

So, how big is the problem, and what can be done about it?

As the global COVID-19 pandemic runs into its third year, you would be hard pressed to find a business or individual that has not been affected in some way by the disruption that the virus has caused to global supply chains.

Now, as the virus continues to evolve and whole countries once again find themselves having to tackle new outbreaks, it’s clear that global supply chains are going to feel the ongoing impacts for a long time yet. For businesses everywhere, finding ways to successfully navigate these unfamiliar seas will be the new normal. ‘Adapt or die’ will be the driving principle.