Rigorous regulatory demands, stringent sanctions requirements and the growing footprint of non-bank payment providers have put additional pressures on financial crime compliance budgets. As financial services firms in the U.S. and Canada look for relief from rising costs and reduced productivity, multi-layered technology tools are paving a new way forward.
Our e-book explores the current financial crime compliance environment in the U.S. and Canada. Built with findings from The LexisNexis® Risk Solutions 2019 True Cost of AML Compliance Study for the United States and Canada, our e-book details compliance costs and the factors influencing dramatic cost increases in 2019. The full study reflects industry-driven input and opinions gathered from compliance leaders and executives at financial services firms across the U.S. and Canada.
Take a closer look at the e-book to understand the areas of greatest spend:
- Annual compliance costs for U.S. and Canadian financial services firms equals $31.5 billion
- Labor represents 54% of compliance costs for U.S. financial services firms and 44% of compliance costs for Canadian financial services firms
- Technology spend accounts for 46% of compliance cost outlays for U.S. financial services firms and 48% of costs for Canadian financial services firms
The e-book also explores recent impacts of financial crime compliance demands on productivity and staffing:
- 54% of our respondents feel AML compliance demands have a moderate to large negative impact on productivity
- 68% of respondents are somewhat to very concerned about the job satisfaction of their compliance staff
- U.S. financial services firms lose 26 hours of productivity per FTE compliance analyst due to job dissatisfaction and Canadian financial services firms lose an annual average of 29 hours.
Additionally, our study highlights the biggest financial crime compliance challenges facing most financial services firms in the region:
- Regulatory Reporting
- Customer Risk Profiling
- Sanctions Screening
- Efficient Resolution of Alerts
- Know Your Customer (KYC) Onboarding
- Positive Identification of Politically Exposed Persons (PEPs)
The e-book delivers data you can use to benchmark your current financial crime compliance program against industry peers and better understand the obstacles and challenges facing other financial institutions across the U.S. and Canada. The e-book highlights why an effective, cost-efficient compliance program is essential to survive the complex and changing global compliance climate and flourish in the competitive and fast-moving marketplace. It also delivers insights and strategies that can enable your business to achieve more effective, cost-efficient financial crime compliance.
Find out what issues and strategies you can consider as you strengthen the efficiency and effectiveness of your financial crime compliance strategy. Take a closer look at our e-book now.