The projected total cost of financial crime compliance across all financial institutions in 2020 is US$213.9bn, according to the True Cost of Crime Compliance Study.
This is a sizeable year-on-year increase across all regions, which is attributed to the impact of Covid-19 exacerbating existing challenges and leading to increased due diligence times and costs.
The global report by LexisNexis Risk Solutions also found that financial institutions are battling a broader range of key compliance operations challenges than in the past.
