THE TRUE COST OF FINANCIAL CRIME COMPLIANCE STUDY 2020

April 23, 2020

Interesting to see the True Cost of Financial Crime Compliance Study 2020, which surveyed 900 #compliance professionals globally, the UK spent a projected $49.5bn on financial crime compliance 2019, Germany spent $47.5bn, and the US $26.4bn.

Reasons for the UK and Germany’s costs include increasingly complex regulations, data privacy limitations, sanctions violations and increased enforcement, resulting in higher labor costs. Despite the US having the highest number of financial institutions (6,000 compared to the UK’s 2,000), compliance technology is more advanced, which lowers their costs.

The total projected cost of financial crime compliance across the key global markets (North America, Europe, LATAM, APAC and South Africa) is estimated to total $180.9bn in 2019.

#Compliance, #AML, #OFAC, #ComplianceRisk

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April 23, 2020