Report: Tech Blockers 2022

The Cost of Financial Crime Compliance research, conducted by LexisNexis® Risk Solutions, found that UK banks are spending almost £30bn per year complying with anti-money laundering regulation, with three quarters of budgets being spent on people and only a quarter on technology.
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Is it time to redress the balance?

The implication is that the financial services sector’s response to financial crime compliance is significantly more labour-intensive than technology-driven, suggesting significant gains in both efficiency and cost effectiveness could be readily achievable, through greater use of data and technology, for example to:

Increase capacity – process greater volumes of customer onboarding checks

Increase efficiency – perform existing checks in less time

Reduce costs – lower cost per check and reduce false positives

Significantly free up staff time to spend on higher value-add compliance activities

This latest study seeks to validate the sector’s focus on people-centric delivery

Through a series of in-depth interviews, the report aims to understand why this is the case and whether this balance is expected to change in the foreseeable future.

For this, we’ve probed a series of well-informed CXO perspectives: Chief Compliance Officers, Chief Operating Officers and Chief Digital or Technology Officers, with responsibility for delivering Digital Transformation.

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