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28 Nov 2022

The Financial Crime Summit - London 2022

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Financial crime compliance cost an estimated $214 billion last year across all financial institutions, up from about $180 billion in 2020. The United Nations estimates that as much as $2 trillion is laundered every year and that banks catch less than 1% of that crime – or $20 billion. As one attendee at 1LoD’s recent Financial Crime Summit put it, “Banks have spent billions of dollars, but the interdicted amount of proceeds of crime has barely moved, and we have to assume the amounts of money being moved have risen. So, the system has arguably got less effective with more regulation and more spend.”

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