The total projected cost of financial crime compliance in the U.S. and Canada for 2021 is $49.9B, up 19% from 2020, and 58% from 2019. Accelerated digital transformation, persisting pandemic pressures and increasing regulatory requirements are driving widespread compliance disruption. Evolving market conditions and expanding digital channels are simultaneously fueling financial crime. Financial institutions are facing a perfect storm of rising costs, complex risks and growing regulatory pressures.
Our LexisNexis® Risk Solutions 2021 True Cost of Financial Crime Compliance Study for the U.S. and Canada presents an in-depth look at how the COVID-19 pandemic and rapid digital transformation are impacting financial crime compliance.
Explore industry-driven insights into the cost and operational impacts of today’s financial crime compliance climate, including:
- How compliance costs are distributed between labor and technology
- Where recent sanctions and regulatory expectations impact financial crime compliance strategies and staffing
- Why operating pressures tied to the pandemic are slowing account openings and revenue realization
- Which emerging threat vectors and industry sectors represent the greatest risk
- Where digital identity intelligence and integrated technologies fit into a digital-first compliance strategy
The study outlines how a financial crime compliance strategy leveraging multi-layered compliance tools and technologies helps financial institutions weather the impacts of digital disruption and rising costs. Learn how the combination of focused compliance technologies and dynamic risk intelligence can future-proof your compliance strategy.