ATLANTA — 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.
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.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.