Impact of Regulatory Changes in the Financial Sector

If we look in today’s marketplace, banks and other FIs have greatly expanded the scope of their services. From legalizing global transactions to approving Card Not Present (CNP) transactions, the financial sector has covered a long path but with this expansion, the financial sector has also increased the complexity of their activities and is now facing an ever-challenging and increasingly complex regulatory environment. On the other hand, state regulatory agencies, investors, legislators, and the general public are focused on institutions’ consumer practices and regulatory compliance performance more than ever due to increased fraud rates. In this highly challenging environment, compliance failure can result in financial penalties.