Definition:
A compliance program is a structured initiative designed to help a business meet regulatory and legal requirements by implementing policies, procedures, and training.

Contextual Explanation:
Financial institutions and payment providers must establish compliance programs to mitigate risks and maintain regulatory adherence. Paycompliance assists in building effective compliance programs tailored to industry standards.

Why It Matters:

A strong compliance program protects businesses from regulatory violations, enhances credibility, and ensures ongoing legal compliance.