ComplyAdvantage releases 2022 State Of Financial Crime report

By Joy Dumasia

ComplyAdvantage, a global data technology company transforming financial crime detection, announced the availability of the firm’s much anticipated annual report – The State Of Financial Crime 2022. Designed as a strategic guide for global compliance teams, the report lays out the emerging threats that governments and financial institutions will face in 2022, along with prescriptive recommendations for how compliance teams can respond and ensure they’re able to act proactively.

Based on a survey and selected interviews conducted 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 range of organizations across enterprise banking, investments, crypto, insurance and FinTech.

The 49-page report dives into new themes such as the cybersecurity challenges generated by remote/hybrid working, the implications of ongoing supply chain disruption; the rising threat of ransomware; the evolution of key global sanctions regimes, and more. Now in its second year, the survey also offers insights into how compliance trends and challenges have shifted throughout the pandemic.

Tom Keatinge, Director, Centre for Financial Crime & Security Studies at RUSI, said: “2022 will prove to be yet another challenging year, given the digital acceleration caused by the pandemic, the continued pace of innovation and market adoption of crypto services and the ever-changing sanctions landscape ignited by ongoing geopolitics. Counterrisk intelligence will be a key element in ensuring the FinTech community remains current on the multifaceted threat trends that will confront their businesses.” 

Charles Delingpole, Founder and CEO of ComplyAdvantage, said: “Reports are great but avoiding regulatory fines or business shutdowns is even better! As a company focused on counter risk intelligence, we will continue to share our vital insights so that our customers, partners and the greater FinTech ecosystem can protect their businesses from unwanted financial crimes. As the tide of new financial services is on the rise, so is money laundering and related crimes. Informed teams that are able to assess the known risks in the year ahead will be best placed to protect the integrity of their businesses.”