Navigating Financial Compliance in Saudi Arabia: Unveiling True Costs

Navigating Financial Compliance in Saudi Arabia: Unveiling True Costs

In the dynamic global financial landscape, Saudi Arabia grapples with significant compliance challenges, as highlighted by our recent study commissioned by Forrester Consulting Drawing insights from 482 senior decision-makers across Europe, the Middle East, and Africa, the study exposes the rising costs and concerns surrounding compliance in the Kingdom.

With 98% of financial institutions noting an increase in compliance costs, our infographic titled "The Total Cost of Financial Crime Compliance in Saudi Arabia" reveals the intricate challenges faced by Saudi Arabian institutions.

Labor is identified as the primary cost driver, reflecting heightened regulatory pressures and the demand for skilled professionals to navigate complex compliance landscapes.

In the midst of digital transformation, Saudi institutions face a dilemma—pursuing growth opportunities while contending with new risk typologies from emerging technologies. The study underscores the crucial role of technology, infrastructure, and external outsourcing costs in the overall financial crime compliance expenditure.

The infographic presents concerning statistics, indicating a notable rise in corruption, bribery within supply chains, trade-based money laundering, and digital payment-related crimes. This shift not only highlights a focus on international trade but also underscores the urgent need for efficient resolution of alerts and robust customer risk profiling.

Gain a deep understanding of financial crime compliance intricacies in Saudi Arabia.

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