Compliance processes failing to safeguard against financial crime

Firms across the world are struggling to combat financial crimes, having lost over USD $1.45 trillion. A report, by Thomson Reuters, said that compliance processes costing around 3.1% of many organisation’s expenditures have been inept at keeping theft at bay, with 50% becoming financial crime victims. The report also suggested that the money lost could have contributed to health and education in various countries.