Courtesy of ComplyAdvantage.

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As we navigate an increasingly complex landscape of financial crime, the latest report from ComplyAdvantage sheds light on critical trends shaping the industry. Here are some key takeaways:

1. Rising Compliance Costs: Over 50% of firms reported that compliance costs had increased by more than 10% due to regulatory demands and emerging risks.
2. Impact of Geopolitics: The geopolitical panorama, marked by instability and conflict, continues to create fresh challenges for compliance, especially with upcoming elections and heightened scrutiny of politically exposed persons.
3. Role of Technology: The adoption of AI and RegTech is on the upward thrust, with organizations leveraging these tools for improved compliance and risk management.
4. Organized Crime Threats: The report emphasizes organized crime’s growing sophistication. It is adapting to exploit new technologies and market gaps.
5. Need for #Agile Strategies: Firms are urged to adopt flexible compliance tools to stay resilient against evolving financial crime risks.

This report is a vital resource for compliance professionals and organizations aiming to strengthen their defenses against #financial crime.