Asia Pacific was a relatively cost-effective region when it came to operations for financial crime compliance, according to a LexisNexis Risk report.
In the last 12 months, the cost of financial crime compliance at financial institutions in APAC reached $45 billion, according to a report by data and analytics firm LexisNexis Risk Solutions.
APAC was the second-most cost-effective region behind Latin America, which spent only $15 billion during the same period. Europe, Middle East and Africa (EMEA) was the highest spender at $85 billion followed by North America at $61 billion.
Top Vulnerabilities
In terms of leading worries, 65 percent of respondents in APAC cited vulnerabilities to digital payments while 60 percent also cited disruptions from artificial intelligence.
«Once seen as catalysts for progress, cryptocurrencies, digital payments and AI technologies are now also tools for illicit activities,» LexisNexis said.
LexisNexis’ annual «True Cost of Financial Crime Compliance Report» was based on responses from 1,181 professionals in financial crime compliance from a diverse range of small, medium and large companies across the US, Canada, APAC, EMEA and Latin America.
