Doctor Stephen Cutler, an international consultant on anti-money laundering, said the alleged $81 million money laundering scam may be the biggest fraud of its kind in Asia’s banking history.

"It's huge; I think it ranks at the top, if not near the top, with the amount of money and the ease with which it took place. There were a number of things though that we also need to keep in mind is that it was discovered, it was found. What I really worry about is there are heists of this scale that we don't yet know," Cutler said.

While there is no perfect banking security system, Cutler said there is always room for improving security.

READ: How AMLC got wind of $81-M cyber heist

Cutler noted weak controls in the banking system from the Federal Reserve Bank of New York to the Bangladesh Central Bank to RCBC, allowed the heist to happen.

"There's a system of international money transfers called SWIFT and the SWIFT codes are electronic handshakes and so on that allow money to be moved internationally and electronically so that the computers at the Federal Reserve Bank in New York and there were some banks, Deutsche Bank I think was also involved, and in the banks in the Philippines. Once those electronic codes all match what the systems believe are supposed to be correct, then the transaction happens, and that allows billions of transactions to happen everyday and that was the key. Somehow, folks got these electronic codes from the bank in Bangladesh and that's what we're still not clear on, how that happened," he explained.

Cutler said the latest scandal shows the need to correct loopholes in the Philippines’ Anti-Money Laundering Act.

He added bank secrecy laws need to be reviewed to facilitate investigations on dirty money.

On Tuesday, Philippine Senate began a probe on the supposed money laundering scheme.

Personalities at the center of the controversy include RCBC Jupiter branch manager Maia Santos-Deguito, who have invoked her right against self incrimination.

Earlier, Deguito tagged an RCBC president's 'friend' in the laundering scandal.

At the Senate inquiry, however, RCBC President Lorenzo Tan has denied involvement.

-ANC's Dateline Philippines, March 16, 2016