Global Spend on Financial Crime Compliance at Financial Institutions Reaches $213.9 Billion USD According to LexisNexis Risk Solutions Study
ATLANTA, June 9, 2021 /PRNewswire/ -- LexisNexis® Risk Solutions today released its annual True Cost of Financial Crime Compliance Global Report. The results derived from the comprehensive survey of 1,015 financial crime compliance decision makers at financial institutions including banks as well as investment, asset management and insurance firms globally. The projected total cost of financial crime compliance across all financial institutions reached $213.9 billion in 2021, surpassing the $180.9 billion recorded in 2020. The majority of this sizeable year-over-year increase is represented by Western Europe and the United States.
Survey of Global Financial Crime Compliance Professionals Indicates Increase of More Than $33 Billion Year-Over-Year
The decision makers who took part in the study oversee financial crime compliance processes such as sanctions monitoring, know your customer (KYC) remediation, anti-money laundering (AML) and transaction monitoring.
Key findings from the LexisNexis Risk Solutions True Cost of Financial Crime Compliance Global Report:
Leslie Bailey, vice president, financial crime compliance for LexisNexis Risk Solutions, said, "Criminals will never cease to become more sophisticated, but a multi-layered solution approach to financial crime compliance can facilitate a more cost-effective, efficient compliance approach, as well as one that benefits the larger organization. Financial institutions should investigate both the physical and digital identity attributes of their customers, leveraging data analytics to assess risks and behaviors in real time."
Continues Bailey, "There is now increased recognition among financial institutions that financial crime compliance initiatives provide broader benefits. Utilizing the right technologies as compliance workforces grow allows the team to focus on higher-value, more complex compliance tasks that require skilled human analysis."
Download a copy of the True Cost of Financial Crime Compliance Global Report.
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SOURCE LexisNexis Risk Solutions