What are banking compliance solutions?
According to Wikipedia, “In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.” Sound simple enough, right? Except it is a lot harder to put it into practice. To keep an organization running smoothly, it is mandatory to keep the accounts and records of that organization updated and equally important to ensure that they align with the compliance regulations that the organization is bound by, internally as externally. Compliance is especially important when it comes to the financial sector, as small mistakes can turn out to be quite costly (pun intended) and can cause a lot of issues in the future as well. One of the important rules, policies, and laws that are implemented to aid compliance in the banking sector is banking compliance. Issues