ComplyAdvantage, a world knowledge expertise firm remodeling monetary crime detection, at the moment introduced the supply of the agency’s a lot anticipated annual report – The State Of Monetary Crime 2022. Designed as a strategic information for international compliance groups, the report lays out the rising threats that governments and monetary establishments will face in 2022, together with prescriptive suggestions for a way compliance groups can reply, and guarantee they’re in a position to act proactively.
Based mostly on a survey and chosen interviews carried out in November 2021, the report shares insights and observations from 800 C-suite and senior compliance decision-makers who participated from North America, Europe, and Asia-Pacific. The respondents represented a spread of organisations throughout enterprise banking, investments, crypto, insurance coverage and fintech
The State Of Monetary Crime Report 2022 uncovers the monetary crime tendencies that compliance officers are most involved inside the coming 12 months. Particularly, the 49-page report dives into new themes such because the cybersecurity challenges generated by distant/hybrid working; the implications of ongoing provide chain disruption; the rising risk of ransomware; the evolution of key international sanctions regimes and extra. Now in its second 12 months, the survey additionally presents insights into how compliance tendencies and challenges have shifted over the course of the pandemic.
“2022 will show to be but another difficult 12 months, given the digital acceleration brought on by the pandemic, the continued tempo of innovation and market adoption of crypto providers and the ever-changing sanctions panorama ignited by ongoing geopolitics,” mentioned Tom Keatinge, Director, Centre for Monetary Crime & Safety Research at RUSI. “Counterrisk intelligence can be a key ingredient in guaranteeing the fintech group stays present on the multifaceted risk tendencies that can confront their companies.”
A pattern of key insights from the report embrace:
- SAR submitting rises: The continued volatility of the monetary crime panorama, alongside the speedy rise in new applied sciences and fee strategies, was mirrored within the 2021 survey. 80% of corporations mentioned they filed extra suspicious exercise stories (SARs) in 2021, in comparison with 70% who mentioned the identical in 2020. Virtually a 3rd of respondents (31%) mentioned they filed 10–20% extra SARs in 2021 in comparison with 2020.
- Cybercrime concern grows: Cybercrime overtakes fraud as the highest predicate offence of concern: When requested concerning the predicate offenses they’re screening towards, there was a notable drop in concern about fraud — 61% cited this in 2020, in comparison with 37% in 2021.
- Geopolitical hotspots warmth up: China, Russia and North Korea have been the highest 3 corporations globally are most involved about.
- Crypto turns into the norm: Cryptocurrencies and digital property went mainstream in 2021 — simply 2% of survey respondents mentioned they don’t seem to be contemplating crypto providers and by no means will.
“Studies are nice however avoiding regulatory fines or enterprise shutdowns is even higher! As an organization targeted on counter danger intelligence, we’ll proceed to share our very important insights, in order that our clients, companions and the larger fintech ecosystem can shield their companies from undesirable monetary crimes,“ mentioned Charles Delingpole, founder and CEO of ComplyAdvantage. ”Because the tide of recent monetary providers is on the rise, so is cash laundering and associated crimes. Knowledgeable groups which are in a position to assess the recognized dangers within the 12 months forward can be greatest positioned to guard the integrity of their companies.”