A new report found financial institutions spent $181 billion on financial crime compliance worldwide last year, with European firms spending three to four times more than their counterparts in North America.
The True Cost of Financial Crime Compliance Global Report, released Tuesday and compiled by LexisNexis Risk Solutions, estimated that the annual cost of financial crime compliance in Europe was $137 billion, followed by North America ($32 billion), Asia Pacific ($6 billion), Latin America ($5 billion), and South Africa ($2 billion). The estimates were determined by polling 898 financial crime compliance decisionmakers, compiling an average spending amount for large/medium and small institutions in a particular market, then multiplying the average by the number of such firms in a given market.
