Compliance costs for trade-based money laundering (TBML) have increased very significantly in the US and Canada in the two years to 2021 while the total projected cost of financial crime compliance in the region is up 58 per cent compared to 2019 according to a new report by LexisNexis Risk Solutions.

Its annual survey, True Cost of Financial Crime Compliance Study for the US and Canada, canvassed decision makers inside banks, investment firms, asset managers and insurance firms to identify the drivers impacting financial crime compliance and its costs.

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