Driving the Evolution of Financial Crime Compliance

This market impact report outlines the challenges and opportunities facing financial crime compliance leaders in the banking sector. It highlights the disconnect between compliance challenges and planned investments in solutions, emphasizing the need for a balance between human resources and technological advancements such as AI and automation. The report is based on a survey of 500 financial crime compliance and risk leaders across various financial institutions and regions. Key findings indicate that while financial services firms have adopted automation and AI, only a small percentage of compliance leaders currently utilize these technologies. The report also discusses the expected growth in tech-enabled workloads compared to human-led work, with compliance budgets anticipated to increase significantly in 2024. Additionally, it addresses external pressures such as regulatory changes and the evolving landscape of financial transactions, which necessitate a proactive approach to compliance. The report concludes with recommendations for leveraging technology and outsourcing to enhance compliance capabilities.