RegTech firm LexisNexis Risk Solutions has unveiled its annual True Cost of Financial Crime Compliance Report.
UK financial services organisations are collectively spending £32.4bn each year on financial crime compliance (FCC), according to a report from LexisNexis Risk Solutions.
Nearly half (43%) of financial services expect the cost-of-living crisis to increase the risk of financial crime and fraud over the next 12 months.
LexisNexis Risk Solutions will help Darlington Building Society onboard customers and bolster financial crime prevention and compliance screening.
The cost of fraud in the US has increased by between 6.7% and 9.9% compared with before the pandemic, LexisNexis Risk Solutions report claims.
LexisNexis Risk Solutions has extended its agreement with Mitsubishi Motors North America, which will help drivers access better insurance premiums.
LexisNexis Risk Solutions has acquired TruNarrative, a provider of cloud-based financial crime detection and prevention technology.
UK banks welcome the six-month extension to implement strong customer authentication (SCA) for e-commerce transactions, with 42% planning to use the time to improve and enhance their roll out plans.
A study by LexisNexis Risk Solutions has found 78% of compliance professionals in the UK see increased anti-money laundering (AML) legislation on the horizon due to Brexit.
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