What is Compliance?
Compliance is the process by which companies and individuals follow established laws, regulations, and industry standards that govern their activities. In the context of financial regulations, compliance involves meeting the legal obligations set by authorities like the Financial Crimes Enforcement Network (FinCEN). This includes fulfilling requirements such as Beneficial Ownership Information (BOI) reporting, filing accurate reports, and submitting updates on time to ensure transparency.
Ensuring compliance is essential for companies to avoid penalties, maintain good standing with regulators, and contribute to preventing financial crimes such as money laundering, fraud, and tax evasion.
