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Over the past decade, much progress in experimentally measuring and theoretically understanding flavor physics has been achieved. Specifically, the accuracy of the determination of the CKM elements has been greatly improved, and a large number of (a) flavor-changing neutral-current processes involving b→d, b→s, and c→u transitions and (b) CP-violating asymmetries have been measured. No evidence for new physics has been established. Consequently, strong constraints on new physics at a high scale apply. In particular, the flavor structure of new physics at the teraelectronvolt scale is strongly constrained. We review these constraints and discuss future prospects to better understand the flavor structure of physics beyond the Standard Model.
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