US Financial Crime Compliance Costs Top $26B For 2019
Law360 (April 7, 2020, 10:32 PM EDT) -- The U.S. spent a projected $26.4 billion in 2019 on financial crime compliance, third behind the United Kingdom at $49.5 billion and Germany at $47.5 billion, according to a new report that surveyed nearly 900 compliance professionals worldwide.
The U.S. figure is comparatively low compared to its U.K. and European counterparts thanks in part to the U.S. having more extensive experience dealing with compliance issues, Daniel Wager, vice president of global financial crime compliance strategy for LexisNexis Risk Solutions, told Law360.
"The U.S. has had a much longer period of time to mature," he said, adding that America has implemented a...
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