086. Regulatory compliance:

Refers to adhering to laws, regulations, and standards set by government agencies, regulatory bodies, and industry organizations.

Purpose:

1. Protect consumers and investors

2. Ensure fair market practices

3. Prevent financial crimes (e.g., money laundering)

4. Maintain financial stability

Regulatory Bodies:

1. Securities and Exchange Commission (SEC)

2. Financial Industry Regulatory Authority (FINRA)

3. Commodity Futures Trading Commission (CFTC)

4. National Futures Association (NFA)

5. Financial Action Task Force (FATF)

Regulations:

1. Anti-Money Laundering (AML)

2. Know-Your-Customer (KYC)

3. Payment Card Industry Data Security Standard (PCI-DSS)

4. General Data Protection Regulation (GDPR)

5. Financial Information Security Management Act (FISMA)

Compliance Requirements: Licensing and registration, Risk management and reporting, Auditing and accounting, Data security and privacy, Customer due diligence

Consequences of Non-Compliance: Fines and penalties, Reputation damage, Legal action, Business closure, Financial losses

Compliance Framework: Identify regulations and risks, Implement policies and procedures, Monitor and report compliance, Train employees, Review and update framework

Best Practices: Establish a compliance department, Conduct regular audits, Implement robust internal controls, Provide employee training, Engage with regulatory bodies

Industry-Specific Compliance: Banking and finance, Healthcare, Cryptocurrency and blockchain, E-commerce, Cybersecurity

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