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Philippe Vollot, global head of the bank’s department against financial crime, said cybercrime is “merging” into the mainstream and needed to be halted.

He wrote in German business newspaper Handelsblatt : “Financial crime and cybercrime are merging more and more and are almost impossible to separate nowadays.”

Mr Vollot said cryptocurrencies are not subject to regulation and controls compared to more traditional financial assets, meaning huge worldwide transfers can take place in anonymity.

Despite the G20’s decision not to implement any regulation for cryptocurrencies, Mr Vollot said: “Governments and regulators should thoroughly look into this to ensure that cryptocurrencies have the same financial crime protection rules as traditional payment solutions.”