Report: True Cost of Compliance 2023

Is the UK financial services sector doing enough of the right things to effectively fight financial crime?
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UK firms spend the equivalent of three quarters of UK’s defence budget on financial crime compliance activities each year.

The True Cost of Compliance series aims to measure and track the UK financial services sector’s response to detecting and preventing financial crime. Working in collaboration with leading research agency, Oxford Economics, we carried out in depth qualitative surveys of over 300 UK firms to quantify spend and split of activities across the full range of compliance obligations, exploring how people and technology are employed in the fight against fraud and money laundering and asking the question: is the sector doing enough of the right things?
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The True Cost of Compliance 2023 also reveals...

The shifting balance of technology vs people costs since 2020

The leading external factors responsible for driving up compliance costs

The biggest expected compliance cost drivers over the next three years

How firms have enhanced compliance processes, and how they plan to in future

How compliance spend compares between big banks, challengers and fintechs

How firms rate themselves and the sector at large in terms of impact on financial crime

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