Cutting the costs of compliance: how technology can reduce costs and improve efficiency

For regulated businesses in the UK, remaining compliant is a huge

responsibility that requires significant investment. While having the processes

in place to fight money laundering is absolutely vital – to both preventing the

crime and protecting the business - it is increased regulations, rather than the

criminal threats themselves, that are driving up costs.

That is because interpreting complex legislation – and keeping up with the

constant changes to that legislation- is time-consuming and costly, and far

too often, fear of non-compliance leads to an over-cautious approach. This, in

turn, leads to the creation of larger compliance teams running higher volumes

of checks. And while in theory, a larger team running more and more checks

should lead to a more robust process, an over reliance on manual procedures

which are open to human error, actually puts the business at higher risk of

non-compliance.

Digital compliance services not only offer a more reliable solution for

regulated firms but can actually reduce costs - and in some cases, even create

commercial opportunities for the business.

In this whitepaper we look at how data and technology can help businesses

across the UK create more efficient and cost-effective compliance

processes.