New Report Finds 72% of KYC Compliance Professionals Feel Burned Out

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Kyckr has released the findings from their new Voice of the KYC Compliance Professional report

Starting on Oct. 6, 2021, the report surveyed 244 banking compliance professionals with the goal of putting some hard numbers behind the challenges of modern compliance professionals. 

Commenting on the findings, Kyckr's CEO, Ian Henderson, said: "Compliance professionals play a critical role in keeping their bank — and society as a whole — safe from criminals. From terrorism financing to drug trafficking, compliance departments are the last line of defense to keep us safe. It's mission-critical for banking executives and leaders to ensure their compliance teams are well taken care of and equipped with the tools they need to succeed."  

Key Findings:

  • 72% feel somewhat or very burned out at their work.
  • 37% said their job got harder in the past year.
  • 50% of respondents do not have the tools they need to do their job effectively. 
  • 53% want to change jobs or companies in the next year.
  • 44% wouldn't be surprised to see their bank in the news for an AML-related fine.

To download a full copy of the report, please click HERE. 

About Kyckr 

Kyckr is a B2B information services company that aggregates, organises and structures the world's primary source company data to help businesses reduce the risks associated with counterparty relationships. Unlike traditional data companies that source data from multiple secondary sources, Kyckr provides accurate data with trusted, legally-authoritative provenance. This helps organisations to avoid the significant regulatory and commercial costs associated with using poor-quality data. Through the combination of accurate data with innovative technology, Kyckr's solutions help businesses to succeed in the fight against fraud, money laundering and financial crime.

Media Contact

Holly Hitchcock 

holly@frontlines.io

Source: Kyckr

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Categories: Governmental Banking, Commercial Banking, Banking, Finance, Insurance, Consumer Banking, Banking, Finance, Insurance

Tags: AML, anti-money laundering, kyc compliance


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