What is compliance in business and why does it matter?

When you first open a business account, there are lots of questions to answer. It can feel a little overwhelming and intrusive, but these questions are important – they’re part of a process called Customer Due Diligence. But the bit you’ll hear most about is compliance. We’re going to explain what compliance means, how it works, and why you’re faced with so many questions about your business. We also want to make compliance as straightforward and painless for you as possible, so we’re providing some tips on the best way to answer any questions.