Financial institutions here spent US$5.7 billion (S$7.8 billion) in the past year to fight crime and meet regulatory obligations, a new study noted on Wednesday.
It also found that the total bill for the financial sector across the globe hit US$206 billion in the 12 months to June 30.
The numbers represent a sharp increase over previous years. Financial firms here were estimated to have spent US$3.8 billion on compliance costs in 2020, up 22 per cent from US$3.1 billion in 2019, according to data and analytics provider LexisNexis Risk Solutions.
source: The Strait Times
