In the US, the cost of anti money laundering (“AML”) compliance is estimated at $23.5 billion per year. European banks come close with an estimated $20 billion spent annually. This spend goes towards technology, operational processes, people and legal / consulting costs.

Within the financial crime domain, fraud is a further significant cost area. While sometimes representing less of a direct compliance risk, fraud may result in losses, foregone revenue and remediation costs. Fraud (or false positives identified by a fraud system) also usually result in a negative customer experience. …

Rupert Nicolay

In my role at Microsoft I define blueprints for what our Services teams worldwide do to help our Financial Services customers achieve more. Views are my own.

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