How much does the fight against financial crime cost?

The new True Cost of Financial Crime Compliance Global Report, prepared by LexisNexis Risk Solutions, reports that financial institutions spent $ 181 billion on compliance last year. At the same time, compliance costs for European business were three or four times higher than business in North America.

Accordingly, Europe spent 137 billion dollars, North America - 32 billion dollars, Asia - 6 billion dollars, Latin America - 5 billion dollars and South Africa - 2 billion dollars. The countries with the highest compliance costs are the United Kingdom ($ 50 billion), Germany ($ 48 billion), the United States ($ 26 billion), France ($ 21 billion), Italy ($ 16 billion) and Canada ($5 billion).

Overviewed financial institutions included banks, investment companies, asset management and insurance companies. Compliance refers to functions such as collecting customer information (KYC), monitoring sanctions, monitoring and checking transactions / transactions for money laundering risks (AML).