Security News > 2023 > September > Financial crime compliance costs exceed $206 billion

Global financial crime compliance costs for financial institutions exceed $206 billion.

Financial crime professionals embrace AI. While certain industries are still determining the ways in which AI and ML will bring about an influence, 71% of professionals in financial crime compliance indicate that their organizations are already enhancing data utilization through advanced analytics.

The study reveals that EMEA financial institutions and their customers continue to incur a more substantial expense for financial crime compliance than other regions.

The overall cost of financial crime compliance in EMEA surpasses that of the U.S./Canada by 39.8%. This difference is partly indicative of the escalating intricacy of compliance requirements.

"The financial impact of crime resonates through businesses' financial statements and consumers' wallets," said Grayson Clarke, SVP, LexisNexis Risk Solutions.

"In the pursuit of the common good, legislators and regulators collaborate tirelessly with financial institutions to establish necessary mandates. However, these endeavors aren't without costs. Our report underscores that financial institutions are making significant investments to stay compliant with financial crime regulations. Effective collaboration within these institutions is pivotal for enhancing the customer experience while managing these costs. Leveraging emerging technologies alongside existing solutions can empower institutions to achieve their objectives and deliver optimal customer outcomes."

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https://www.helpnetsecurity.com/2023/09/29/financial-crime-compliance-costs/