What is KYC compliance?

KYC compliance is a set of regulations created by banks and other financial institutions to reduce criminal activity in real-time. These compliance regulations protect customer information, monitor customer activities, and increase the reliability of identity verification.

What does a compliance department look like?

A compliance department's structure will look different for every organization. Some companies may create a compliance committee made up of supervisors from different areas of the organization. Others may hire a chief compliance officer who has training and experience in compliance enforcement.

What is compliance & why is it important?

It can also mean adhering to requirements, standards, or regulations. Both of these compliance definitions are important for your organization. To be successful, your organization must take steps to make sure every staff member is complying with internal policies and rules you put in place.

What is corporate compliance?

Corporate compliance: The actions and programs an organization sets in place to ensure compliance with internal policies, procedures, and accepted behavior, as well as external regulations. Both types of compliance policies are essential and go hand in hand to protect an organization and its employees.