What are compliance teams worried about in 2021?

From: RegTech Analyst

From cybersecurity woes and risk management concerns, compliance professionals have a plethora of issues to worry about in 2021, according to new research.

Having surveyed 600 top executives across banking, FinTech, finance, insurance and crypto industries, RegTech ComplyAdvantage has discovered the things that worry business leaders around the world the most when it comes to financial crime.

The State Of Financial Crime 2021 report reveals that cybersecurity and third party risk management were noted as organisations’ biggest compliance-related pain points in 2020, with 54% of respondents ranking cybersecurity as a top pain point.

Moreover, 93% of respondents stated that real-time anti-money laundering risk data would improve their compliance operations, 62% of respondents saying that they plan on upgrading their legacy systems in 2021, and 54% who plan to replace or upgrade their transaction monitoring system in 2021.

“Due to the massive economic, political and social disruption brought about by Covid-19, international crime syndicates, rogue nations, global terrorists and cyber criminals have become increasingly more aggressive, “said Charles Delingpole, founder and CEO of ComplyAdvantage. “Therefore, we felt it was imperative to prepare compliance officers and their teams for the potential onslaught of financial crimes driven by nefarious organisations.”

ComplyAdvantage closed a $50m Series C round in July 2020.

Copyright © 2021 FinTech Global

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