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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 the COVID-19 pandemic.

Explore the Global Cost of Financial Crime Compliance

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Explore the Global Cost of Financial Crime Compliance

                              
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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 Global True Cost of Compliance 2020 report, the projected total cost of financial crime compliance across financial institutions worldwide is $213.9 billion, up from $180.9 billion the previous year.

The results come from a comprehensive survey of 1,015 financial crime compliance decision makers at financial institutions, including banks, investment firms, asset management firms and insurance firms around the world.
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 Global True Cost of Compliance 2020 report, the projected total cost of financial crime compliance across financial institutions worldwide is $213.9 billion, up from $180.9 billion the previous year.

The results come from a comprehensive survey of 1,015 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 average cost of financial crime compliance has increased significantly, and increased the most among Western European and North American firms
  • Unlike previous years, there is less consensus around top challenges – customer risk profiling, sanctions screening, regulatory reporting, PEP identification, KYC for account onboarding, and efficient alerts resolution are all similarly ranked
  • COVID-19 has had a significant impact, exacerbating existing challenges and leading to increased due diligence times and costs
  • BUT companies which invested in technology have been more prepared for and less impacted by both COVID-19 and regulatory pressures
  • Challenges and issues are having a negative impact on productivity, particularly in APAC, EMEA and Latin America

True Cost of Compliance Ebook

How has COVID-19 impacted financial crime compliance costs?

True Cost of Compliance Infographic - 2020 Overview

What's behind the global increase in spend?

2019 vs 2020 Spend

Average Financial Crime Compliance Operations Spend Per Mid/Large Organization 2019 – 2020 

Technology vs Labor Costs

Global - 2019

Global - 2020

Less Consensus on Top Challenges

Know Your Customer for Onboarding

KYC for onboarding

Top challenge for APAC

Customer risk profiling

Customer risk profiling

Top challenge for Western Europe & Latin America
Sanctions screening

Sanctions screening

Top challenge for North America & South Africa

Access Regional Reports Here:

Understand the current financial crime compliance environment and its impact on businesses in key global markets with these detailed results from our True Cost of Financial Crime Compliance Study. 

View the complete report now.

View the complete report now.

Previous Year's Materials

True Cost of Compliance e-book

True Cost of Compliance e-book

How well are financial institutions navigating today’s compliance climate?
TCOC Labor vs Technology

True Cost of Compliance infographic – Labor vs Technology

What is consuming the biggest part of your financial crime compliance budget?
TCOC Cost of Labor

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.

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