How companies think of compliance for their businesses

We will discuss real cases and examples of compliance checks in businesses.

The focus is on the distinction between market-driven and regulatory-driven compliance.

Market-Driven vs. Regulatory-Driven Compliance

Market-Driven (Common in the U.S.):

Emphasizes honoring the spirit of the law. Example: Square's approach in building its compliance program.

Regulatory-Driven (Common in EU, UK):

Focuses on strictly adhering to the letter of the law. Example: Financial centers like London with stringent compliance standards. Case Studies and Examples

A recent example of a multi-billion dollar fine for non-compliance. Noted for filing zero Suspicious Activity Reports (SARs), which is unusual for its size.

Positive KYC and IDB Checks:

• Access to services for young minors and financial literacy.
• Ensuring proper compliance checks, including parental consent for minors.
• Support for traditionally underserved populations, like immigrants and refugees.

The importance of performing compliance checks is not just a procedural necessity but also key in unlocking valuable services and opportunities.