Cato Syversen (Creditsafe): The compliance evolution
Cato Syversen, CEO of Creditsafe, analyses the dramatic rise in global regulatory penalties, the transformation of compliance into a critical operational risk, and the essential role of quality data in enabling business transparency.
How has compliance evolved during your twenty-eight years at Creditsafe?
In my twenty-four years as CEO, I have witnessed compliance transform from a small tick box on a checklist into one of the biggest operational risks a company can face. The numbers tell a compelling story about this evolution. Over the last three years, global regulatory penalties for noncompliance have surpassed $6 billion. This year alone, companies have been fined over $1 billion, quadrupling compared to the same period last year. These figures demonstrate that falling behind on compliance has never been more expensive. With more than 120,000 customers using our compliance and KYC tools, we observe exactly what businesses worry about, what they prepare for, and what catches them off guard. The demands on compliance have never been greater, driven by shifting geopolitical alliances, evolving sanctions, and new regulatory frameworks. Businesses now operate under closer scrutiny, and rightly so. Our world relies on data and digital trust, and as geopolitical tensions and financial crime rise, transparency becomes the currency of global trade.
Compliance is no longer a tick box exercise. It is part of how every business thinks, plans and grows.
What role does data play in this compliance transformation?
Transparency remains possible only when the entire food chain beneath it stays healthy. At the base of that chain lies data. Accurate, timely and ethical business information feeds compliance, and compliance feeds trust. That represents the role Creditsafe plays: supplying the quality data businesses need to understand risks and stay ahead. The way we see it, data serves as the foundation for everything else. In 2021, as the world emerged from the pandemic and grappled with the early impact of the Russia-Ukraine war, we saw KYC and AML screening rise sharply by 546% year on year. That momentum continued climbing a further 136% in 2022 and more than 100% again last year. The trend shows no signs of slowing. This year, screening has already increased by over 230%, not only among large enterprises but also as a growing wave of SMEs, mid-market companies, and even micro businesses begin taking compliance more seriously. Director searches tell a similar story, jumping 163% year on year after sanctions introduction in 2022.
How do you see the relationship between regulators and businesses evolving?
Regulators and businesses form part of the same ecosystem. One cannot thrive without the other, and we see that connection play out in real time every single day. Earlier this year, just before the Dutch government opened consultation to implement the sixth anti-money laundering directive, AML screenings in the Netherlands reached more than 9 million checks between May and June alone. We observed similar reactions in Sweden, where AML checks spiked to 5 million in September and another 3 million in October within days of finance inspection announcements. These trends show how regulation does not just influence compliance, it activates it. When regulators provide clarity, businesses respond immediately and responsibly to protect their customers, themselves, and the economies they participate in. The strongest companies do not wait for the next rule book. They prepare for it as soon as they see it coming, using compliance data to map ownership structures, identify hidden connections, and spot early warning signs before risk becomes reality. The future builds on a three-way partnership between regulators setting standards, businesses upholding them, and information providers enabling both.