Compliance was something non-existent before the 20th century and was termed as obeying. It has now become really vital in everyday life as the rise in global terrorism wave has transformed the word compliance from rarity to a completely new industry in the digital world. Compliance is one of the main pillars in almost every domain.Compliance was first used after it was made obligatory by regulators for entities to follow and optimize their operations according to the regulator's guidelines in the mainstream industry. These guidelines were issued after the foundation of the Financial Crimes Enforcement Network in 1990. After 9/11 the anti-money laundering & terror financing gave the world a whole new united agenda to comply with the latest regulations made to combat terrorism. This led toward the creation of regulatory compliance to monitor and layout specific guidelines to prevent money laundering around the globe. And focus on creating a risk-free environment. Before you bash me up, risk is something very often associated with compliance but they are not really correlated yet can’t go without each other.The reason is Compliance is a part of risk mitigation and deployed to get total risk reduced at a drastic level. How compliance and ...
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