LexisNexis survey: Compliance costs soared for U.K. banks in 2023
By 
Adrianne Appel2024-08-06T16:54:00
Nearly all but a tiny minority of financial institutions saw their costs of financial crime compliance (FCC) rise in 2023, a survey by LexisNexis and Oxford Economics found.
Ninety-eight percent of financial institutions said their costs of FCC rose last year, according to the report, “The True Cost of Financial Crime Compliance,” which analyzed the responses of 254 individuals at UK banks and other financial services institutions.
The firms spent 38.3 billion pounds (U.S. $48.9 billion) on FCC last year, up 12 percent over 2022 and up a whopping 32 percent from 2021, the report found.
Related articles
-
PremiumNew SFO director vows quicker cases, stumps for whistleblower payouts
“Under my leadership, the SFO will be bolder, more pragmatic, more proactive,” said Nick Ephgrave in his first public speech as head of the U.K. Serious Fraud Office.
-
News BriefCompanies House set for ‘biggest shakeup’ under U.K. corporate transparency bill
The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
-
ArticleU.K. bill would empower Companies House as AML regulator
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.
More from Surveys & Benchmarking
-
PremiumInside the Mind of the CCO: Compliance in an uncertain world, still with fuzzy reporting lines
The world is rapidly changing. The European Union is stepping up rules and enforcement, while the United Kingdom is charting its own course. And now the United States is taking a third tack, with unclear regulation enforcement under a mercurial Donald Trump’s second term as president underway.
-
PremiumInside the Mind of the CCO: Salaries level out in 2024
An overheated demand for compliance officers in the post-Covid era finally cooled off in 2024, according to Compliance Week’s Inside the Mind of the CCO survey.
-
PremiumSurvey: Compliance, now at the leadership table, navigates an uncertain risk landscape
At a time when the Trump administration is rewriting many of the rules, the compliance function is being embraced as a strategic partner to the C-suite and board, Compliance Week’s 2024 “Inside the Mind of the CCO” survey shows. The new objective: risk-assess the implications of Trump’s confetti of executive ...