Global financial institutions are facing crime compliance costs exceeding USD206bn, according to a study released by LexisNexis Risk Solutions. The figure accounts for over 12% of global R&D spending, or about USD3.33 per working-age individual per month. The study, which incorporates views from 1,181 professionals around the world, revealed that 71% are leveraging AI for enhanced data utility and compliance. EMEA emerged as the highest cost centre, surpassing the US and Canada by nearly 40% due to complex compliance needs, while APAC and LATAM showed comparatively lesser expenditures. Despite the huge costs, 85% of institutions prioritise improving customer experiences, emphasising trust and satisfaction in facing mounting financial threats.
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