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LexisNexis Risk Solutions unveils new compliancy findings

LexisNexis Risk Solutions published its True Cost of Financial Crime Compliance Study on Wednesday morning

user icon Liam Garman
Wed, 24 Mar 2021
LexisNexis Risk Solutions unveils new compliancy findings
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LexisNexis’ Risk Solutions business unit disclosed its True Cost of Financial Crime Compliance Study, which explores the impact of new regulations and COVID on financial crime compliance, while also showcasing new and emerging trends in the industry.

The analysis revealed that companies with increased compliancy saw financial reward and improved customer relations.

Of the firms that were studied in Asia-Pacific, compliance costs mounted to some US$12.06 billion, with 46 per cent of these costs realised in India.

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Director, financial crime compliance APAC for LexisNexis Risk Solutions Douglas Wolfson demonstrated the depth of the impact of COVID on compliance.

“COVID-19 has undoubtedly impacted financial crime compliance operations and costs for financial institutions across the region,” Wolfson said.

“The pandemic compounded the current set of KYC (know your customer), alert resolution and sanction screening challenges and contributes conclusively to significant cost increases among all banks. Additional regional and international regulations will continue to spur the need for greater internal controls and more comprehensive risk-management technology platforms that help ensure compliance and lessen financial crime compliance cost.”

[Related: Op-Ed: When cyber crime went from fun to financially driven]

Liam Garman

Liam Garman

Liam Garman is the editor of leading Australian security and defence publications Cyber Daily and Defence Connect. 

Liam began his career as a speech writer at New South Wales Parliament before working for world leading campaigns and research agencies in Sydney and Auckland. Throughout his career, Liam has managed and executed a range of international media and communications campaigns spanning politics, business, industrial relations and infrastructure. He’s since shifted his attention to researching and writing extensively on geopolitics and defence, specifically in North Africa, the Middle East and Asia. He holds a Bachelor of Commerce from the University of Sydney and a Masters of Strategy and Security from UNSW Canberra, with a thesis on postmodernism and disinformation operations. 

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