Explore the True Cost of Financial Crime Compliance Worldwide
Gain in-depth insight into year-over-year trends for compliance costs, the distribution of cost across resources and technology, and understand the challenges and impacts associated with our 2022 global summary.
In the ongoing fight against financial crime, both criminals and the solutions set up to fight them are becoming increasingly sophisticated. This is not without cost implications.
According to our LexisNexis® Risk Solutions 2022 True Cost of Financial Crime Compliance Study - Global Summary, the projected total cost of financial crime compliance across financial institutions worldwide is $274.1 billion, up from $213.9 billion in 2020.
The results come from a comprehensive survey of 1,088 financial crime compliance decision makers at financial institutions, including banks, investment firms, asset management firms and insurance firms around the world.
According to our LexisNexis® Risk Solutions 2022 True Cost of Financial Crime Compliance Study - Global Summary, the projected total cost of financial crime compliance across financial institutions worldwide is $274.1 billion, up from $213.9 billion in 2020.
The results come from a comprehensive survey of 1,088 financial crime compliance decision makers at financial institutions, including banks, investment firms, asset management firms and insurance firms around the world.
Global True Cost of Compliance Insights:
- The Projected Total Cost of financial crime compliance across all financial institutions in the 2022 study markets in North America, LATAM, EMEA and APAC is $274.1B.
- The average annual cost of financial crime compliance per organization has risen by double-digits since the pandemic began in 2020, with U.S. financial institutions reporting the highest YoY dollar changes.
- Financial institutions are being exposed to an increasing level of various types of financial crime, including those involving digital payments, cryptocurrency, third parties and trafficking of proceeds.
- As the scope of financial crime increases, financial institutions are dealing with a broader set of screening and compliance operations challenges. The digital transformation and Open Banking contributing heavily to this.
- Financial institutions that have invested in technology solutions to support financial crime compliance efforts, have experienced lower costs and fewer compliance operations challenges.
True Cost of Compliance Ebook
How has COVID-19 impacted financial crime compliance costs?
True Cost of Compliance Infographic - 2022 Overview
What's behind the global increase in spend?
2020 vs 2022 Costs
Projected Total Cost of Financial Crime Compliance 2020 vs 2022
Technology vs Labor Costs
Global - 2020
Global - 2022
Previous Year's Materials
True Cost of Compliance e-book
How well are financial institutions navigating today’s compliance climate?
True Cost of Compliance infographic – Labor vs Technology
What is consuming the biggest part of your financial crime compliance budget?
True Cost of Compliance infographic – Cost of Labor
Highly-skilled Compliance Resources are in high demand.
*For the purposes of this report, Mexico is included in the Latin America study.