UK financial services industry hit by 'staggering' £28.7bn yearly AML costs

clock • 5 min read

AML compliance is costing UK financial institutions a staggering £28.7bn annually, and is set to rise to £30bn by 2023 according to new research released today (21 June) by LexisNexis® Risk Solutions, the global data and analytics provider. The report, which was done in conjunction with Oxford Economics, is the most comprehensive analysis of AML compliance spend of its kind since Brexit, the data provider said, and showed that regulation is the primary driver behind the rising compliance c...

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