Security News > 2021 > January > Financial institutions must prepare for increased risk of financial crime

LexisNexis Risk Solutions published survey results of U.S. and Canadian compliance professionals on the range of challenges that financial institutions have experienced during the COVID-19 pandemic.

The survey outlines the issues that many financial institutions encounter today and finds that the pandemic continues to test the resilience and agility of businesses across every market.

Customer risk profiling - 91%. Sanctions screening - 83%. KYC for account onboarding - 78%. Efficient resolution of alerts - 74%. The risk financial of crime and compliance costs.

While technology seems to be a greater cost factor for larger financial institutions, labor costs impact smaller institutions on a greater scale.

79% expect COVID-19 to drive financial crime compliance costs during the next 12 to 24 months.

"The events of 2020 have been unprecedented and financial institutions must prepare for increased risk of financial crime for the foreseeable future," said Leslie Bailey, senior director of financial crime compliance strategy for LexisNexis Risk Solutions.

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