Data from the provider of know your customer (KYC) and anti-money laundering (AML) software also revealed direct financial loss was the primary concern surrounding financial crime for 36% of respondents.

For comparison, 32% cited reputational damage and the associated customer loss as the biggest cause for concern, and 15% said that follow up regulatory fines were the biggest issue.

Henry Balani, global head of industry and regulatory affairs for Encompass Corporation, said: “Clearly, many finance professionals still perceive a ‘criminals’ take’ as the biggest cause for monetary loss year after year.

“However, this is not necessarily true, and increasing regulatory impositions combined with the increasing importance of corporate reputation, means there are far more hidden costs than to financial non-compliance, than one might initially realise

“In 2021, there is no excuse to not have the correct regulatory technology in place, to help automate laborious compliance processes, and improve the efficiency and effectiveness of catching financial crime.

“All too often are finance professionals caught out, not for knowingly endorsing financial crime, but for not knowing it is going on right under their noses.

“Personal reputations and careers within the financial services sector may suffer as a result.”