In a world where financial crime reaches dizzying heights, costing the United Kingdom nearly 100 billion pounds a year, a new study reveals a deep malaise among businesses facing increasing compliance demands. Nearly 75% of businesses now say they feel overwhelmed by the challenges of combating these complex crimes. This relentless struggle impacts many sectors, from finance to real estate, forcing businesses to juggle increasingly demanding regulations while seeking to protect their relationships with customers.
Businesses Facing the Complexity of the Fight Against Financial Crime
According to a recent study by SmartSearch, a large majority – nearly 75% – of businesses report feeling overwhelmed by compliance requirements. This figure reveals how difficult it has become for companies to juggle constantly evolving rules, especially in sectors where financial risks are particularly high. In England, financial crime costs around 100 billion pounds a year, contributing to problems such as human trafficking, money laundering, and drug trafficking.
The Challenges of Regulatory Compliance
While regulations are essential in combating sophisticated criminal activities, their implementation poses a headache for businesses. Nearly three-quarters of companies lack confidence in their ability to remain compliant. This stress is exacerbated by the increasing complexity of regulations. Many organizations feel that this hinders their growth. The absence of a proactive digital strategy may well be the stumbling block in this fight.
Towards a Digital Transformation of Compliance
Adopting a digital approach not only simplifies the compliance process but also reduces costs and improves customer experience. Companies that have turned to these solutions are better equipped to handle regulatory changes and risks.
