Banks in the UK are spending £30 billion (US$34 billion) annually complying with anti-money laundering (AML) regulation, with three-quarters of budgets spent on people and only a quarter spent on technology according to a survey commissioned and published by LexisNexis Risk Solutions

The study, Tech Blockers 2022, aims to shed light on the underlying organisational, financial and procedural drivers behind firms’ approaches to AML compliance, and suggests a strong appetite for greater automation, integration and digital transformation.

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