Almost three-quarters of companies were impacted by financial crime last year, survey says
Nearly three-quarters companies were impacted by financial crime in the last 12 months, according to a survey published today.
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According to the survey 72 per cent of organisations were aware of financial crime in their global operations over the last 12 months.
More than half of external relationships had not had an initial formal due diligence check when onboarded, the survey found.
The survey found that four per cent of turnover is spent on average by companies on customer and third-party due diligence checks.
More than half of respondents said their company was planning on ramping up spending on combatting financial crime over the next 12 months with technology as the largest investment area.
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The survey was commissioned by financial markets data and infrastructure company Refinitiv and interviewed 3,138 senior managers at organisations with average annual turnover of $33bn (£26bn).
Phil Cotter, managing director of risk at Refinitiv, said: "As with previous surveys, this survey reveals that many companies still need to address fundamental risk management issues.
"Of organisations surveyed, 72 per cent say that they were aware of financial crime within their global operations over the last 12 months.
"However half (51 per cent) of customer, supplier and partner relationships have not had formal due diligence checks when being onboarded; creating an environment in which criminal activity can flourish."