The total projected cost of financial crime compliance across Singapore financial firms jumped 22% between 2019 and 2020, from $3.13B to $3.81B. Financial services firms across Singapore are navigating rising compliance costs, increased labor demands, pandemic-driven operating pressures and a turbulent financial crime threat landscape.
The LexisNexis® True Cost of Financial Crime Compliance Study for Singapore 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 Singapore today.
The study details how financial crime compliance costs have risen by double-digits and illustrates the factors fueling this increase:
The study delivers deeper perspective into how financial institutions in Singapore are dealing with a broader set of compliance challenges in 2020 stemming from more rigorous Anti-Money Laundering/Counter-Terrorism Financing oversight from the Monetary Authority of Singapore and the implementation of the Payment Services Act:
Benchmark your response to today’s rapidly changing market conditions and escalating financial crime compliance demands against your business peers in the Singapore market. Find new insights for navigating current challenges and reducing the impacts of compliance on productivity and customer acquisition.
Explore the complete LexisNexis® True Cost of Financial Crime Compliance Study for Singapore 2020 now.