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Manulife Financial, Canada's largest life insurer, is taking on the country's large lenders with a new package of banking products designed to win over digitally savvy millennials.

Randal Quarles, a senior Fed official and chair of the Financial Stability Board, sparked debate with a speech about the risks and rewards of companies like Amazon, Facebook and Apple entering the financial system.

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

Policymakers need to update banking regulations to minimize the risks posed by technology companies entering financial services, a well-known policy analyst says in a new paper.

Thanks to big tech companies, the business world is moving to third-party platforms, or online marketplaces where sellers pull buyers' products off digital shelves. A growing number of financial institutions — including BBVA, Citi and community banks like Eastern — say they can't afford to sit out the trend.