LONDON—Some 100% of U.K. financial compliance professionals are re-evaluating their approach to financial crime risk, according to a new report.
Financial institutions in the U.K. said they expect the an economic downturn to drive a rise in financial crime, a study from financial crime and fraud risk detection firm ComplyAdvantage states.
“For many, this will result in 'de-risking' or restricting their client and business relationships to minimize the likelihood of onboarding criminals,” Advance.com said in releasing its findings. “While the approach appears effective, it may also make it harder for legitimate consumers and businesses to access financial products like loans.”
In addition to compliance professionals needing to re-evaluate their approach to financial risk, the company said its survey also found:
- 62% of U.K. compliance teams surveyed said they are preparing for a rise in financial crime
- 69% of U.K. financial institutions plan to hire more compliance professionals, significantly higher than the global average of 58%
‘Increase in Crime’
"During the 2007-9 Great Recession, financial institutions reported a significant increase in the level of financial crime. Our survey shows firms - driven by the expectation of an economic downturn - expect it to rise this year too,” stated Vatsa Narasimha, CEO at ComplyAdvantage. “However, the digitalization of business and transactions since 2008 - accelerated by the coronavirus pandemic - means the financial crime landscape looks very different today. With new fraud and money laundering tactics emerging all the time, agility and investment in the latest risk detection technologies have never been more critical."
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