ComplyAdvantage releases state of financial crime report for 2021

ComplyAdvantage, a global data technology company has released its company report, The State of Financial Crime 2021.

Designed as a strategic guide for global compliance teams the report covers emerging threats governments and financial institutions will face in 2021 and best compliance practices for combating financial crimes.

The research included in the report was collected in November and December 2020. Interviews were conducted with 600 C-suite and senior compliance decision makers across North America, Europe, and Asia Pacific. The respondents represented enterprise banking, investments, crypto, insurance organizations and fintechs.

One of the biggest challenges that compliance teams face is keeping current on the rapidly evolving regulations. Risk indicators are becoming harder to spot as the amount of information available grows increases.

Key insights from the report include:
● 93% of respondents stated that real-time AML risk data would improve their compliance operations.
● Cybersecurity and third-party risk management were biggest compliance-related pain points in 2020. With 54% of respondents ranking cybersecurity as a top pain point.
● 62% of respondents plan on upgrading their legacy systems in 2021.
● 54% of respondents plan on replacing or upgrading their transaction monitoring system in 2021.