LexisNexis Risk Solutions report on the cost of AML compliance

22/02/2022

Is 2022 the year to address your spiralling financial crime compliance costs? Achieving end-to-end perpetual KYC automation can be easier than you think. TruNarrative’s platform has the capabilities to address the concerns and issues raised in the report and offer a complete (and customisable), streamlined onboarding solution.

In a recent in-depth report released by TruNarrative’s parent company, LexisNexis® Risk Solutions break down AML compliance costs by process and explores how the cost of technology compares to manual processes.

Along with a conservative estimate of the combined annual cost of AML compliance for the financial services industry across the UK, the report looks at what is driving up costs and where most of the compliance budget is currently being spent.

Chief Revenue Officer at TruNarrative, Mike Harriss commented “Anti-money laundering compliance is a major cost centre for financial services businesses. The insight in this report makes it clear that businesses of all sizes need to embrace technology to remain compliant and efficient.”

Edward Vaughan, Head of Banking at TruNarrative also stated “The annual cost of AML compliance for UK financial institutions is huge, with costs expected to continue to rise. Firms are dealing with the need to interpret an increasingly complex regulatory environment.”

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