DEFINITION
Regulatory Compliance
Regulatory compliance means adhering to the laws, regulations, guidelines and specifications relevant to a particular industry, including requirements set out by financial authorities relating to anti-money laundering, counter-terrorist financing, sanctions, and other financial crimes.
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Examples
The bank maintains a robust compliance program to ensure adherence to all relevant laws and regulations.
FAQ
What are the key financial regulations that impact banks?
Major regulations include AML/CFT laws, KYC requirements, sanctions regimes, data protection rules, and financial reporting standards.
How do banks stay up-to-date with changing regulatory requirements?
Banks use regulatory intelligence tools, participate in industry bodies, and maintain dialogue with regulators to track changes.
What are the consequences of non-compliance?
Non-compliance can lead to fines, business restrictions, reputational damage, and personal liability for senior managers.
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Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.