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Study Reveals Annual Cost of Financial Crime Compliance Totals $45 Billion in Asia Pacific

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True Cost of Financial Crime Compliance Study Reveals Organizations Prioritizing Cost Reduction While Ensuring Regulatory Adherence

Financial crime compliance costs have risen for 98% of APAC financial institutionsEighty-one percent (81%) of financial institutions prioritize cutting compliance costs in next 12 monthsCriminals are adopting cryptocurrencies and AI techniques for illicit activities

HONG KONG, March 6, 2024 /PRNewswire/ — LexisNexis® Risk Solutions released the findings of its latest True Cost of Financial Crime Compliance Study – Asia Pacific. The commissioned study conducted by Forrester Consulting reveals that financial crime compliance costs increased for 98% of financial institutions in 2023. The total cost of financial crime compliance in the APAC study countries has reached U.S.$45 billion.

Financial institutions (FIs) are seeking ways to reduce costs while complying with regulations, with 39% identifying the escalation of financial crime regulations and regulatory expectations as the primary factor driving increases in compliance costs. Eighty-one percent (81%) of FIs are prioritizing compliance program cost cutting in the next 12 months.

The intensifying challenge of keeping up with the complex sanctions environment is leading financial institutions to confront a growing screening workload, resulting in an increase in the number of screening alerts at 79% of organizations.

Key findings from the study:

Technology costs are driving increases in expenses for financial institutions, emphasizing the substantial investment required to meet stringent compliance requirements. Specifically, 70% of organizations noticed rises in technology costs related to compliance/know-your-customer (KYC) software, while technology costs associated with networks, systems and remote work have increased at 74% of FIs.Seventy-five percent (75%) of APAC institutions cited labor costs as a primary driver of cost escalation. This emphasizes the investment needed in highly qualified compliance professionals to effectively address and fulfill stringent compliance requirements. Cryptocurrencies, digital payments and AI technologies are emerging as tools for illicit activities. Organizations are grappling with the impact of these sophisticated criminal methodologies within an already complex regulatory landscape. When asked about the types of financial crime, FIs had observed significant increases of more than 20% in the past 12 months, with 23% having identified financial crime involving cryptocurrencies, while 23% reported heightened use of artificial intelligence (AI).

“The cost of financial crime compliance is clearly rising for financial institutions across APAC which is being felt by teams across the compliance workflow,” said Matt Michaud, Global Head of Financial Crime Compliance at LexisNexis Risk Solutions. “Skilled in-house compliance teams are essential, but businesses should be actively seeking ways to reduce labor costs while improving compliance efficiency. Criminals adapt quickly and FIs require a partner with advanced tools, data and analytics to not only keep pace but to stay ahead.”

The True Cost of Financial Crime Compliance Study – Asia Pacific compiles responses from 271 senior decision-makers responsible for financial crime compliance at financial institutions in the APAC region including Australia, China, India, Japan and Singapore. It highlights key pain points related to the cost, current state and challenges presented by financial crime compliance operations.

Recommendations for combating financial crime:

Balance compliance effectiveness with customer experience. Financial institutions are grappling to acquire and retain customers in the digital era. The winners will be those that can deliver seamless customer onboarding and transaction experiences. Striking a balance between customer experience and financial crime compliance efficiency involves streamlining KYC and onboarding processes, reducing false positives and allowing legitimate transactions to proceed without inconveniencing the customer.Embrace new technologies to counter emerging financial crimes. Criminals are increasingly using new technologies for their activities. In addition to deploying advanced AI- and ML-based compliance models, financial institutions should leverage privacy-preserving technologies and advanced analytics to swiftly identify new crime patterns to outpace cybercriminals and counter sophisticated financial crime.Employ compliance tools and analytics to manage costs and enhance efficiency. Labor costs rank highest in financial crime compliance spending. While in-house compliance teams with expertise are crucial, partnering with an experienced and proven technology provider will alleviate some labor costs and enhance compliance efficiency. To identify the right partner, organizations should focus on their future-fit capabilities, including proven expertise in digital financial services, ease of integration, robust data management, advanced analytics, lightweight software-as-a-service deployments and the ability to balance effectiveness with customer experience.

Download the latest True Cost of Financial Crime Compliance Study – Asia Pacific.

Methodology
Forrester conducted a global online survey of 1,181 senior decision-makers at financial institutions to evaluate the cost, current state and challenges presented by financial crime compliance operations. The study began in May 2023 and was completed in June 2023. Two hundred and seventy-one (271) survey participants were from APAC, including Australia, mainland China, India, Japan and Singapore. The survey asked participants about organizational priorities, exposure to financial crime activities, financial crime spending and factors driving an increase in financial crime costs, challenges in compliance screening operations, the benefits of financial crime operations and future implementation plans.

About LexisNexis Risk Solutions 
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit risk.lexisnexis.com and www.relx.com.

Media Contact:

Sophia Kong
+852 96064411
sophia@montiethsprg.com.hk

Joyce Lee
+852 9883 9321
joyce@montiethsprg.com.hk

 

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JAS Worldwide Signs SPA with International Airfreight Associates B.V.

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ATLANTA, Dec. 23, 2024 /PRNewswire/ — JAS Worldwide, a global leader in logistics and supply chain solutions, and International Airfreight Associates (IAA) B.V., a prominent provider of comprehensive Air and Ocean freight services headquartered in the Netherlands, are proud to announce the signing of a Share Purchase Agreement (SPA). This agreement marks an important step toward JAS Worldwide’s acquisition of IAA which, pending regulatory approval, is expected to be completed in the first quarter of 2025.

“This acquisition aligns with our strategic goals and enhances our ability to provide comprehensive logistics solutions to our clients. We eagerly await the finalization of this deal and look forward to welcoming IAA’s talented air and ocean team into the JAS family,” said Marco Rebuffi, CEO of JAS Worldwide.

“In JAS Worldwide we have found the right party to realize our growth ambitions and guarantee a pleasant working environment for our employees. By joining forces, we can also offer an even broader service to our current customers. We therefore look to the future with confidence” said Jur de Graaf, Managing Director of International Airfreight Associates.

IAA handles multi-modal general cargo and specializes in the transportation of perishable goods, with headquarters in The Netherlands and an operation in Germany. This acquisition will strengthen JAS’s presence in key markets and increase its expertise in managing time-sensitive perishable shipments.

The combined strengths of JAS Worldwide and IAA will drive value for customers through enhanced service offerings and a broader global network.

About JAS Worldwide
JAS Worldwide, a global leader in logistics and supply chain solutions, was founded in Milan, Italy in 1978. Headquartered in Atlanta, Georgia, and supported by 7,000+ team members in more than 100 countries, it focuses on creating solutions that are innovative, sustainable, and unique to each customer’s needs. At the heart of its success is its people, who are committed to delivering customer value. As a privately owned company, JAS maintains a steadfast commitment to creating opportunities for our communities, customers, and colleagues to thrive. Together.

About International Airfreight Associates B.V.
International Airfreight Associates B.V. is a trusted provider of airfreight logistics services with headquarters in the Netherlands and additional operations in Germany. With nearly 100 employees across four locations, including Amsterdam, Aalsmeer, Rotterdam, and Frankfurt, the company specializes in moving perishable goods and delivering tailored logistics solutions for a diverse range of clients.

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Orange County Register Names Roth Staffing Companies one of the Top Workplaces for 2024

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This year’s recognition marks Roth Staffing’s twelfth time on the prestigious list.

ORANGE, Calif., Dec. 23, 2024 /PRNewswire-PRWeb/ — Roth Staffing Companies has been named as one of the Top Workplaces 2024 by Orange County Register Top Workplaces, making it their twelfth time to receive this honor. Roth Staffing earned its spot in the midsize category.

“Having established our business here in Orange County more than 30 years ago, this recognition holds a special place in our hearts. We’re thrilled and grateful to once again be named a Top Workplace!” – Adam Roth, CEO of Roth Staffing Companies.

This list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage, LLC. The confidential survey uniquely measures the employee experience and its component themes, including employees feeling Respected & Supported, Enabled to Grow, and Empowered to Execute, to name a few.

“Having established our business here in Orange County more than 30 years ago, this recognition holds a special place in our hearts. We’re thrilled and grateful to once again be named a Top Workplace!” shared Adam Roth, CEO of Roth Staffing Companies. “At Roth Staffing, our coworkers take pride in their contributions and are inspired to enjoy the process along the way. It’s their dedication to fulfilling our Purpose, ‘To make life better for the people we serve,’ that has made this achievement possible. Here’s to many more milestones ahead in 2025 and beyond!”

About Roth Staffing
Roth Staffing Companies is one of the largest privately held staffing firms in the United States, operating from more than 100 locations across 20 states and the District of Columbia. Roth Staffing consists of five specialized business lines: Ultimate Staffing Services for administrative and office positions, Ledgent Finance & Accounting,Ledgent Technology, Adams & Martin Group for legal staffing, and About Talent for workforce solutions. 

Roth Staffing Companies, L.P. has locations Arizona: Phoenix; California: Brea, Carlsbad, Century City, Cerritos, Costa Mesa, Fremont, Fresno, Inland Empire, Irvine, La Jolla, Los Angeles, Orange County, Oxnard, Palo Alto, Pasadena, Pleasanton, Roseville, Sacramento, San Diego, San Francisco, San Jose, Torrance, Tustin, Woodland Hills; Colorado: Denver; Connecticut: Hartford, New Haven; Florida: Boca Raton, Clearwater, Fort Lauderdale, Orlando, Tampa, West Palm Beach; Georgia: Atlanta; Massachusetts: Boston; Maryland: Baltimore, Columbia, Frederick, Rockville, Timonium; Michigan: Detroit; Minnesota: Bloomington, Minneapolis; Missouri: St. Louis, Kansas City; North Carolina: Raleigh; New Hampshire: Nashua; New Jersey: Paramus; Nevada: Las Vegas; Oregon: Portland; Texas: Austin, Dallas, Houston, North Houston, San Antonio; Virginia: Arlington; Washington: Wisconsin: Milwaukee. 

About Energage
Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 17 years of culture research and the results from 27 million employees surveyed across more than 70,000 organizations,  Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

Media Contact

Samantha Cabot, Roth Staffing Companies, 714-939-8600, scabot@rothstaffing.com, rothstaffing.com 

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Trading Technologies achieves high spot in Chartis Buyside Platforms 2024 Rankings

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Firm also earns “strong category leader” status for Energy and Equity Trade Surveillance Solutions in new Chartis Market Quadrants report

CHICAGO, Dec. 23, 2024 /PRNewswire/ — Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, has earned the number 12 spot in the Chartis Buyside Platforms 2024 ranking of the top 50 providers of buy-side platforms and technology. The report released this month showcases the leading players in financial infrastructure and highlights providers delivering essential services and tools – including trading networks, market data, prime brokerage services and more – to buy-side market participants. The ranking, which Chartis called a testament of the “commitment to delivering exceptional value and innovation” to that community, provides insights into how the companies are shaping the industry with advanced solutions in asset management, risk assessment and operational efficiency.

Separately, in Chartis’ just-released Market Quadrants report, which provides a detailed evaluation of key providers offering advanced surveillance solutions tailored to the unique needs of the energy and equity markets, TT achieved “strong category leader” status for both energy and equity trade surveillance solutions. In both categories, TT received a four-star rank for “Industry Leading Platform Capabilities.” Of particular note, TT earned “industry-leading” four-star rankings across all measures in the equity surveillance category, including analytics and modeling, pre-trade reporting, post-trade reporting, data infrastructure and database management, and data visualization and ease/speed of access capabilities.

TT CEO Keith Todd said: “With a long history of service to the sell side, we have been working diligently to grow our appeal to buy-side market participants, and we’re incredibly honored to have earned in short order a number 12 ranking on a cultivated list of the top 50 service providers in the buy-side sector. It’s a great accomplishment that our broadening of products, asset classes and services available on the TT® platform – including our expansion from futures trade surveillance to a powerful multi-asset offering – are already achieving industry-leading recognition across important measures.”

Handling over 2.5 billion transactions this year, the TT platform connects to more than 100 global exchanges and liquidity venues across a growing number of asset classes. The platform delivers advanced tools for trade execution and order management, market data solutions, analytics, trade surveillance, risk management and infrastructure services to the world’s leading sell-side institutions, buy-side firms and exchanges.

Buy-side participants leverage a wide range of TT tools to meet their trading needs, including a comprehensive suite of advanced execution algorithms, algo design and deployment tools, Autospreader and APIs. Through Abel Noser Solutions, a TT company, market participants employ a wide range of sophisticated transaction cost analysis (TCA) products and services across global equities, foreign exchange, futures, fixed income and options.

In June, the firm launched TT Trade Surveillance, a multi-asset trade surveillance solution combining new multi-asset coverage and dozens of new configurable models to supplement the machine learning-driven models from TT Score, the company’s first-generation trade surveillance platform. TT Trade Surveillance provides enhanced trade surveillance capabilities to a wide range of asset classes, including futures, equities, equity options, fixed income and foreign exchange (FX). The system has also recently added a new, innovative way to identify cross-product manipulation, where users can input correlated instruments directly into the user interface to create a single synthetic instrument, and utilize the machine-learning spoofing models to identify patterns of spoofing activity across multiple order books.

With this recognition, TT has now been honored globally and regionally 14 times this year for the TT platform, trade surveillance capabilities, algorithmic trading solution, TCA tool, execution management system (EMS), order management system (OMS) and market data services.

About Trading Technologies

Trading Technologies (www.tradingtechnologies.com) is a Software-as-a-Service (SaaS) technology platform provider to the global capital markets industry. The company’s award-winning TT® platform connects to the world’s major international exchanges and liquidity venues in listed derivatives alongside a growing number of asset classes, including fixed income, foreign exchange (FX) and cryptocurrencies. The TT platform delivers advanced tools for trade execution and order management, market data solutions, analytics, trade surveillance, risk management, clearing, post-trade allocation and infrastructure services to the world’s leading sell-side institutions, buy-side firms and exchanges. The company’s blue-chip client base includes the Tier 1 banks as well as brokers, money managers, hedge funds, proprietary traders, Commodity Trading Advisors (CTAs), commercial hedgers and risk managers. These firms rely on the TT ecosystem to manage their end-to-end trading operations. In addition, exchanges utilize TT’s technology to deliver innovative solutions to their market participants. TT also strategically partners with technology companies to make their complementary offerings available to Trading Technologies’ global client base through the TT ecosystem.

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