Technology is cited as the main factor contributing to the rising compliance costs
The True Cost of Financial Crime Compliance Study was conducted by Forrester Consulting on behalf of LexisNexis Risk Solutions.
The study is based on responses from 482 senior decision-makers responsible for financial crime compliance at EMEA-based financial institutions, including the Baltic States,It highlights key pain points related to the cost, current state and challenges presented by financial crime compliance operations.
Similarly, 70% of financial institutions have confirmed cost escalations for technology related to compliance and know-your-customer software.The report notes that labour costs are driving increases in expenses, emphasising the substantial investment required in highly qualified resources to meet stringent compliance requirements.
25% of companies identified financial crime involving digital payments, while 23% reported heightened use of both cryptocurrencies and AI,
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