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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