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Compliance Policies & Procedures

Compliance policies and procedures are rules and guidelines that businesses in the banking, payments, and money services industry must follow in order to comply with various laws, regulations, and standards.

These policies and procedures help businesses ensure that they are operating in a legal and ethical manner and protect against risks such as fraud, financial losses, and reputational damage.

Examples of topics that compliance policies and procedures may cover include:

  • Financial reporting (e.g., accurate and timely financial statements)
  • Consumer protection (e.g., fair lending practices, responsible credit card marketing)
  • Anti-money laundering (e.g., identifying and reporting suspicious activity)
  • Data privacy (e.g., protecting customer personal information)
  • Cybersecurity (e.g., protecting against online threats such as hacking)

Compliance policies and procedures are typically developed and implemented by a business’s compliance department or team, which is responsible for monitoring and enforcing compliance with the relevant laws and regulations.

This page was last updated on January 6, 2023.