Find answers to financial crime compliance challenges

Solve complex financial crime compliance challenges

Understand the toughest anti-money laundering (AML) and financial crime compliance challenges facing firms in the U.S. and Canada with details from our recent study.

Find Answers to Financial Crime Compliance Challenges

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Explore current financial crime compliance issues

This infographic explores the impact of stringent compliance expectations on staffing and employment

Results from the recent LexisNexis® Risk Solutions 2019 True Cost of Compliance Study paint a complicated anti-money laundering (AML)/Bank Secrecy Act (BSA) compliance picture. Financial services firms are facing a myriad of operations issues and cost pressures as regulatory requirements increase in complexity.

Our infographics illustrates the findings from the LexisNexis® Risk Solutions 2019 True Cost of Compliance Study and provides detailed insights into the current compliance outlook for firms in the U.S. and Canada. It also highlights how targeted compliance technology can improve long-term productivity and performance.

The infographic explores the impact of stringent compliance expectations on staffing and employment:

  • In the U.S., 69% of firms were somewhat to very concerned about the job satisfaction of their compliance staff
  • U.S. financial services firms attribute 26 hours of lost productivity to job dissatisfaction
  • 55% of financial services firms in Canada and 49% of firms in the U.S. have created teams to evaluate emerging payment technologies
  • 47% of financial services firms in Canada and 43% of firms in the U.S. have expanded screening hours, which increases labor costs

The infographic also details future concerns, including:

  • More investment activity is expected in both the U.S. and Canada over the next 1-2 years to address growing financial crime compliance pressures
  • Firms in the U.S. and Canada will need increased external support to adequately manage compliance expectations and increased scrutiny around BSA/AML regulations

The infographic charts expectations around technology use and industry developments, including:

  • 92% of U.S. financial services firms expect shared interbank compliance databases to be standard compliance tools within 5 years
  • 91% of Canadian financial services firms expect in-memory processing to be a standard compliance tool within the next 5 years
  • 70% of Canadian financial services firms expect machine learning and artificial intelligence to be a standard compliance tool within the next 5 years

The infographic also illustrates the relationship between targeted compliance technology and productivity and performance across key onboarding and customer acquisition workflows:

  • Nearly 2/3 of all firms that leverage less BSA/AML compliance technology report that financial crime compliance requirements have a negative impact on productivity and customer acquisition efforts

Explore the current anti-money laundering and financial crime compliance climate for firms in the U.S. and Canada with insights and detailed perspectives from the LexisNexis® Risk Solutions 2019 True Cost of Compliance Study. Find out how your biggest compliance concerns and challenges compare to industry peers and take a closer look at how targeted compliance technology can play a contributing role in your long-term financial crime compliance strategy. Explore the complete infographic here.

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