banking compliance

Banking compliance refers to the set of rules and regulations that banks must follow to ensure they operate legally and ethically. This includes protecting customer information, preventing money laundering and fraud, and maintaining financial stability. Compliance involves regular monitoring, reporting, and internal controls to meet legal standards set by government agencies. It safeguards both customers and the financial system by promoting transparency, accountability, and trust. Essentially, banking compliance helps ensure banks function responsibly and prevent misuse of financial services.