Compliance

How it is used

Used for both the activity and the team: 'Check with Compliance.' Banks have compliance officers, compliance checks and compliance training; a product or process must be in compliance with the rules. Breaches can lead to fines.

Example sentences

1. Compliance has to approve the new account opening process before we launch it.

2. All staff must complete the annual compliance training by March.

Common collocations

• compliance officer
• compliance department
• in compliance with
• compliance check
• regulatory compliance

Related terms

• KYCShort for know your customer: the checks a bank makes to confirm a customer's identity, address and source of funds before and during the business relationship.
• AMLShort for anti-money laundering: the laws, controls and procedures that banks use to prevent, detect and report money laundering.
• regulatorA public body that makes and enforces the rules for an industry. Banking regulators license banks, set capital rules and inspect banks.
• money launderingHiding the criminal origin of money by moving it through banks, businesses or transactions so that it looks legal.

This word in other fields

The same English word can have a different meaning in another field:

• compliance · Software Engineering
• compliance · Cybersecurity
• compliance · Healthcare Management
• compliance · Management & Leadership
• compliance · Human Resources
• compliance · Public Administration

More terms: Regulation & Compliance

• fraud
• capital adequacy ratio
• suspicious transaction report
• Basel III
• sanctions
• terrorist financing
• PEP
• beneficial owner
• banking secrecy
• reserve requirement
• regulatory reporting