30% say the cost of exposure to financial crime is £ 1million or more


Almost a third (30%) of global businesses said the cost to their business – direct or indirect – of exposure to financial crime is £ 1million or more, according to a white paper published by Themis and Encompass Corporation.

Data from the Know Your Customer (KYC) and Anti-Money Laundering (AML) software provider also revealed that direct financial loss was the top concern regarding financial crime for 36% of those surveyed.

By comparison, 32% cited damage to reputation and the associated loss of customers as the top cause for concern, and 15% said follow-up regulatory fines were the biggest problem.


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Henry Balani, Global Head of Industry and Regulatory Affairs for Encompass Corporation, said: “Clearly, many finance professionals still perceive a ‘criminal catch’ as ​​the number one cause of monetary loss year after year.

“However, this is not necessarily true, and increasing regulatory charges combined with the growing importance of a company’s reputation, means that there are many more hidden costs than financial non-compliance, than financial non-compliance. ‘we could initially realize

“In 2021, there is no excuse for not having the right regulatory technology, to help automate laborious compliance processes and improve the efficiency and effectiveness of financial crime detection.

“Too often financial professionals are caught off guard, not for knowingly supporting financial crime, but for not knowing it is happening right under their noses.

“Personal reputation and careers in the financial services industry can suffer. “


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