Omar Faridi, 15 June 2021
LexisNexis Risk Solutions, a global data and analytics firm, has published its annual True Cost of Financial Crime Compliance Global Report.
The results shared in the new report have been prepared after conducting an extensive survey of 1,015 financial crime compliance decision-makers at established financial institutions such as banks, investment companies, funds managers, and insurers.
The expected total cost of financial crime compliance across various financial institutions reached $213.9 billion this year, exceeding the $180.9 billion reported during 2020. Most of the considerable YoY increase is due to financial activities taking place in Western Europe and the US.
The key decision-makers who participated in the research study are responsible for managing financial crime compliance procedures like sanctions monitoring, know your customer (KYC) remediation, anti-money laundering (AML) and transaction monitoring.