The annual cost for UK banks combating cybercrime and online fraud is 6.7 billion, according to the Financial Conduct Authority. Banks have to adapt rapidly to the shifting profile and pace of financial crime. As security is tightened and due diligence is improved, regulations will continue to appear and evolve. Cloud technology enables banks to handle expanding regulations in an elastic way, as well as providing the necessary long-term data storage. Cloud-based compliance solutions come in, offering scalable and affordable services to banks of all sizes.”]