- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-08-06T16:54:00
Nearly all but a tiny minority of financial institutions saw their costs of financial crime compliance (FCC) rise in 2023, a survey by LexisNexis and Oxford Economics found.
Ninety-eight percent of financial institutions said their costs of FCC rose last year, according to the report, “The True Cost of Financial Crime Compliance,” which analyzed the responses of 254 individuals at UK banks and other financial services institutions.
The firms spent 38.3 billion pounds (U.S. $48.9 billion) on FCC last year, up 12 percent over 2022 and up a whopping 32 percent from 2021, the report found.
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“Under my leadership, the SFO will be bolder, more pragmatic, more proactive,” said Nick Ephgrave in his first public speech as head of the U.K. Serious Fraud Office.
The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.
Annual pay and bonus compensation for chief compliance officers at public companies jumped to $419,000 since 2023, while CCOs at private companies saw a slight decrease to nearly $300,000, according to a new compensation survey.
A new compensation survey found base pay for chief compliance officers has risen 36 percent since 2021 to an average of more than $403,000.
Companies may need to examine employees by age group to find out how likely some workers might be to ditch compliance to complete tasks.
