These findings, shared in the True Cost of Financial Crime Compliance Report – 2023, draw on results of a 2023 survey of more than 1,100 global decision-makers that sought to examine how financial institutions are navigating the expenses and challenges ties to evolving financial crime compliance requirements. In North America and Latin America, financial institutions reported a strong uptake in financial crime involving cryptocurrencies, while in Asia-Pacific (APAC), institutions reported being particularly vulnerable to financial crime involving digital payments (65%) and AI (60%), stating that they’ve observed a stronger uptake than any other region. Financial institutions embrace data analyticsThe ever-evolving technological and economic environment has transformed the compliance landscape for financial institutions and pushed costs further up. 98% of the institutions polled this year by LexisNexis Risk Solutions reported an increase in financial crime compliance spending, which reached a total annual cost of US$206 billion, the study found. Of the financial institutions surveyed, 83% of respondents revealed that they are prioritizing harnessing enriched payment data to fight complex financial crimes.