In addition, morale is low with over three quarters saying they would jump ship for a better package.

Over a quarter of compliance team leaders in accountancy firms are working overtime at least two days a week due to the demanding pressures of anti-money laundering compliance requirements.

In addition, 42% said they have to work extra hours at least one day per week, found a survey by Thirdfort, a client due diligence platform.

Money laundering costs the UK economy around £100bn per year, and fraud has cost around £21bn between 2020 and 2022; now it is getting even more serious with deepfake threats.

One of the big problems for firms is retention of compliance staff. Over 78% of compliance leaders said they would look to change firms if approached by a recruiter. This was based on whether the role on offer came with better support, resources and recognition, the areas where most compliance managers felt there need to be improvement.