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The Escalating Costs of Financial Crime Compliance

We’ve written a lot about fines being handed on to US and UK Banks in the past for failing to adhere to SEC and Ofgem, but recent data shows a significant surge in financial fines in the UAE and Saudi Arabia. According to a new report by LexisNexis Risk Solutions, these costs reached an estimated US$1.8 billion in 2023. This trend underscores the rising regulatory pressures globally, even in regions where it hasn’t been common before.

The Global Trend and Regulatory Challenges

This increase highlights the critical need for financial institutions to adhere to stringent regulations like DORA and SEC sanctions. The “True Cost of Financial Crime Compliance Study – Europe, the Middle East, and Africa” provides valuable insights into the financial burdens and operational challenges faced by these institutions. Ignoring these regulations can lead to severe fines and reputational damage, emphasising the importance of robust compliance strategies.

The Need for Advanced Tech Solutions

As regulatory scrutiny intensifies, the pressures on global banks to adopt new methods of technologies to meet regulatory compliance is rising fast. The demand for secure and compliant communication solutions is more pressing than ever, with many recent fines coming as a result of using consumer messaging platforms. 

The inappropriate use of consumer apps within financial institutes not only allow for protected information to easily end up in the wrong hands, but removes all control from the bank, leaving them open to regulatory repercussions. 

Protect Your Institution from Non-Compliance

This is where Salt Communications comes in, offering a secure, tailored communication solution that helps financial institutions navigate the complexities of regulatory compliance effectively. Ensuring compliance with DORA regulations and SEC sanctions is essential to avoid hefty fines and protect your institution’s reputation. Salt Communications provides the tools needed to maintain regulatory compliance, safeguarding sensitive information and reducing the risk of cyber attacks.

For more information about complying with financial regulations, availing of our 30-day free trial, or purchasing Salt, contact us at info@saltcommunications.com to speak with a member of our team.

For a deeper understanding on the rising compliance costs, you can read the full article here.

About Salt Communications:

Salt Communications is a multi-award winning cyber security company providing a fully enterprise-managed software solution giving absolute privacy in mobile communications. It is easy to deploy and uses multi-layered encryption techniques to meet the highest of security standards. Salt Communications offers ‘Peace of Mind’ for Organisations who value their privacy, by giving them complete control and secure communications, to protect their trusted relationships and stay safe. Salt Communications is headquartered in Belfast, N. Ireland, for more information visit Salt Communications.

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