The total projected cost of financial crime compliance in the US and Canada for 2022 is up 13.6 per cent from 2021 to US$56.7 billion, according to a survey of North American financial institutions by Lexis Nexis Risk Solutions.

The majority of the increased cost is due to spending incurred by mid- to large-sized firms that rank sanctions screening as top challenge that tend to have a higher average cost of compliance compared to those that do not rank this as a challenge.

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