Financial Crime Compliance

Achieve a More Effective Financial Crime Compliance Program  

Our study highlights the unique financial crime compliance challenges facing institutions in India. Mitigate compliance risks and maintain a strong focus on core business goals with these insights.

India True Cost of Financial Crime Compliance Study

                      

Balance Financial Crime Compliance and Core Business Goals

Financial Crime Compliance
The total projected cost of financial crime compliance across financial firms in India is $5.51B for 2020. Financial services firms across India face unique risks in a region with heightened exposure to money laundering and terrorist financing schemes. In addition to these persistent challenges, firms are navigating increasing regulatory oversight, rising compliance costs, complicated labor demands and pandemic-driven operating pressures.

As you manage today’s fluid financial crime compliance climate, how does your business compare to your peers? What’s working and contributing to the success of your core business and where can you improve the effectiveness and efficiency of your financial crime compliance.
The LexisNexis® True Cost of Financial Crime Compliance Study for India 2020 reflects the latest results from a comprehensive survey of banks and financial institutions. Our study delivers a current snapshot into what’s top of mind for many industry leaders and illustrates the biggest financial crime compliance costs and operations challenges facing financial services firms in India today.

The study delivers deeper perspective into how financial institutions in India are dealing with a complex set of compliance challenges in 2020 that include regional risk vulnerabilities to anti-money laundering (AML) and terrorist financing, newly issued guidelines from the Reserve Bank of India (RBI) to regulate payment aggregators/payment gateways and additional increased regulatory oversight by RBI Reserve Bank of India (RBI) aimed at improving governance and assurance functions at supervised entities:

  • 83% of Indian financial firms expect alert volumes to increase this year
  • The median times to clear alerts for the following activities are:
  • 70% of Indian financial firms feel financial crime compliance has a negative impact on productivity with a majority losing at least 100 or more hours of productivity per FTE annually due to compliance complexities
  • 66% of Indian financial firms feel financial crime compliance has a negative impact on customer acquisition, and a majority of firms surveyed are now losing 5%+ of new customer opportunities due to refused accounts/walkouts during onboarding

Fully understanding the AML risks each customer and third-party may pose to your business across the entire lifecycle of the relationship is the centerpiece of a more risk-responsive financial crime compliance program. An effective financial crime compliance program enables your business to manage and mitigate these risks while maintaining a strong focus on core business goals.     

Explore the complete LexisNexis® True Cost of Financial Crime Compliance Study for India 2020 now.   

True Cost of Financial Crime Compliance, Regional Report

The cost of financial crime compliance has soared significantly for larger financial institutions in key Asia Pacific markets. 

True Cost of Financial Crime Compliance, Indonesia

51% of financial firms in Indonesia are losing at least 25 or more hours of productivity per FTE due to compliance challenges.

True Cost of Financial Crime Compliance, Philippines

The average total projected cost of financial crime compliance across all financial institutions in the Philippines has risen 44%.

True Cost of Financial Crime Compliance, Singapore

46% of Singaporean financial firms feel financial crime compliance has a negative impact on customer acquisition.
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