06 Mar LexisNexis Risk Solutions report finds emerging threats in the EMEA
LexisNexis Risk Solutions shared insights from its recent study, the “True Cost of Financial Crime Compliance Study – Europe, The Middle East, and Africa“, conducted by Forrester Consulting.
The study disclosed that compliance costs surged for 98% of financial institutions (FIs) in 2023, reaching USD$85 billion in the EMEA region.
FIs, grappling with the dual challenge of cost reduction and regulatory adherence, identified the escalation of financial crime regulations and regulatory expectations as the primary drivers behind the increased compliance costs.
Emerging threats were also noted, including cryptocurrencies, and AI as tools used to attack financial institutions in the region.
Matt Michaud, Global Head of Financial Crime Compliance at LexisNexis Risk Solutions said: “Skilled in-house compliance teams are essential, but businesses should actively seek ways to reduce labour costs while improving compliance efficiency.”