Financial Compliance
Financial compliance refers to the adherence to laws, regulations, and standards governing financial activities, such as anti-money laundering (AML), know your customer (KYC), tax reporting, and data privacy. It involves implementing processes, controls, and technologies to ensure that financial transactions and operations meet legal and ethical requirements. This is critical in industries like banking, fintech, insurance, and investment to prevent fraud, maintain transparency, and avoid penalties.
Developers should learn financial compliance when building applications in regulated sectors, such as fintech, banking, or e-commerce, to ensure their software meets legal standards like GDPR, PCI-DSS, or SOX. It's essential for roles involving payment processing, user data handling, or financial reporting to mitigate risks, pass audits, and build trust with users and regulators. For example, implementing AML checks in a banking app or ensuring tax compliance in an e-commerce platform.