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Biometrics, cash, and the end of money laundering as we know it?

Compliance Week | August 1, 2017

Imagine a future in which cash doesn’t exist, where instead of fumbling around for loose change in the bottom of our bag, all that was needed was to look into an iris scanner or scan a fingerprint. Automatically linked to our accounts, the payment would be deducted from a default account. In a world without cash, where every payment or transaction is linked to an individual, would it be the end of money laundering as we know it?

Utopia or dystopia?

Fingerprints, eye scanners and facial recognition solutions are increasingly being touted as the future. No longer the need to remember passwords or PIN codes—we could just use our own bodies to access an almost limitless amount of services, including bank accounts.

Replacing cash with fingerprints certainly seems to belong in the realm science fiction, but... To get the full story, subscribe now.