Generally, Regulatory Compliance is the term used to describe the policies and processes which financial firms have in place to ensure that they follow several laws, rules and regulations put in place by the bodies which control financial activity in a given jurisdiction. Those rules and regulations are designed to ensure that such financial activity in the markets is fair, transparent and robust, both between the financial institutions themselves and, more importantly, when the financial institutions are selling financial services such as insurance products, shares, or other financial products to private individuals.
Regulatory compliance also describes the goal that public agencies or corporations aspire to in their efforts to ensure that personnel are aware of and take steps to comply with relevant laws and regulations. This will include retaining data or records which can be used for the purpose of validating or implementing compliance. A key component of Regulatory Compliance is the variety of processes and policies firms are required to have in place to meet legislation and regulation designed to prevent the use of the financial system for the purposes of financial crime, in particular Money Laundering and Counter Terrorist Financing.
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