The total projected cost of financial crime compliance across Philippine financial firms has grown from $480M to $690M in the last year. With the Philippines currently under observation by the Financial Action Task Force, regulatory scrutiny is running high.
Financial institutions in the Philippines are navigating evolving expectations and expanding regulatory oversight in addition to rising compliance costs, complicated labor demands and pandemic-driven operating pressures. The LexisNexis® True Cost of Financial Crime Compliance Study for The Philippines 2020 reflects the latest results from a comprehensive survey of banks and financial institutions.
Our study results also provide in-depth perspective into how operations challenges and cost pressures stemming from the COVID-19 pandemic are testing financial institutions. The study illustrates the top five challenges compliance departments in the Philippines are experiencing during the COVID-19 pandemic and the resultant remote working period.
Finally, the study takes a closer look at the enterprise benefits of an effective financial crime compliance program. The study outlines how a multi-layered solution approach not only maximizes the effectiveness and cost-efficiency of key due diligence workflows, it also delivers insights for customer management activities and business opportunities across critical customer and third-party relationships.
In addition, the study provides numbers that illustrate how financial institutions that have invested in technology solutions to support financial crime compliance workflows have experienced smaller cost increases and less negative impacts from COVID-19.
Explore the complete LexisNexis® True Cost of Financial Crime Compliance Study for the Philippines 2020 now.