Financial crime compliance costs increased for 98% of financial institutions in 2023, with the total cost of financial crime compliance in EMEA reaching $85-billion. Financial institutions are seeking ways to reduce costs while complying with regulations, with 35% identifying the escalation of financial crime regulations and regulatory expectations as the primary factor driving increases in compliance costs.
Financial crime compliance costs increased for 98% of financial institutions in 2023, with the total cost of financial crime compliance in EMEA reaching $85-billion. This is according to LexisNexis Risk Solutions’ latest “True Cost of Financial Crime Compliance Study – Europe, The Middle East and Africa”, conducted by Forrester Consulting.
Financial institutions (FIs) are seeking ways to reduce costs while complying with regulations, with 35% identifying the escalation of financial crime regulations and regulatory expectations as the primary factor driving increases in compliance costs. Eighty-one percent (81%) are prioritising compliance program cost cutting in the next 12 months. Financial institutions are confronting a growing screening workload as the challenge of keeping up with the complex sanctions environment intensifies, with the number of screening alerts increasing with payment volumes at 78% of organisations in EME
Financial Crime Compliance Institutions Regulations Costs EMEA
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