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Meaning / Definition of Compliance: Compliance, in general, means conforming to a rule, such as a specification, policy, standard, Acts or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant Acts, Laws, policies, legislations, rules and regulations.
In the context of financial services and businesses compliance operates at two levels:
Level 1: Compliance with the external Acts, Laws, policies, legislations, rules and regulations that are imposed upon an organisation as a whole.
Level 2: Compliance with internal control systems that are imposed to achieve compliance with the externally imposed Acts, Laws, policies, legislations, rules and regulations.
