Some 72% of regulated companies say they feel overwhelmed by “ongoing anti-financial crime compliance demands”.
According to SmartSearch’s Compliance Forecast, this is higher in industries like accountancy and financial services, at 75%.
A further 73% of businesses said they were worried about their ability to stay compliant and nearly a third fear that compliancy pressures will grow in the next year.
Over three-quarters of organisations felt that regulatory changes are holding back expansion, with one in 10 saying that compliance obligations have impacted customer relations.
Approximately 89% of businesses said current regulations were challenging to navigate and over two-thirds said regulatory complexity would increase in the coming year.
SmartSearch said adopting digital solutions could streamline compliance and reduce manual workloads, while identifying specific needs so that solutions are tailored and collaborating for improved resilience were potential solutions.
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Phil Cotter, CEO of SmartSearch, said: “The Compliance Forecast offers us an outlook on the substantial challenges regulated businesses face in an increasingly complex landscape. With financial crime costing the UK up to £100bn a year, strong regulation is essential. But, as it becomes increasingly complex in order to keep pace with criminals, businesses must respond accordingly to ensure they are able to grow and continue to deliver excellent customer service.
“Adopting a proactive, digital-first strategy offers businesses a streamlined compliance process, reduced costs, and enhanced customer experiences. Organisations that have embraced these solutions are better equipped to navigate evolving regulations and mitigate risks.”
