U.K., March 31 -- The cost of financial crime compliance has risen significantly according to the 2020 LexisNexis Risk Solutions True Cost of Financial Crime Compliance Study, APAC Edition.
The survey of compliance professionals identifies the factors affecting financial crime compliance and highlights spending trends, while also exploring the business impacts new regulations and challenges associated with the COVID-19 pandemic.
Across financial institutions in India, Indonesia, Philippines and Singapore, the annual projected cost of financial crime compliance is US$12.06bn for 2020, with India representing 46% of those costs. The largest year-on-year increases were felt by larger Filipino and Singaporean financial institutions.
All fina...