Regulatory Compliance in The Banking Industry

REGULATORY COMPLIANCE IN THE BANKING INDUSTRY

INTRODUCTION
As in many countries of the world, the banking industry is put under serious scrutiny through regulations due to the nature of its activities. The role of banks in the mobilization of funds is considered important to the direction and pace of economic growth and development. Banks not only provide a gateway into the financial system, they also facilitate the movement of funds and the processing of large amounts of personal data. The nature of their business make them a target for a range of crimes from identity theft and money laundering to ransomware attacks and other threats. As a result, banks are subject to strict government oversight and intense regulatory scrutiny.