Financial compliance

[Starmix]

Financial compliance is very important and it cannot be made a joke for there is a law that sanctions your insubordination. This helps you get protection because you have with you the procedures that you comply with what the local or national government wants you to comply with before starting to operate your means of finances. Risk management, record keeping, customer due diligence, anti-money laundering, and data protection are all examples of regulatory compliance activities. Every financial institution must have policies, regulations, and controls in place. Everyone must follow these to avoid headaches and problems.

 

[monster_masterpiece]

Financial compliance is very important and it cannot be made a joke for there is a law that sanctions your insubordination. This helps you get protection because you have with you the procedures that you comply with what the local or national government wants you to comply with before starting to operate your means of finances. Risk management, record keeping, customer due diligence, anti-money laundering, and data protection are all examples of regulatory compliance activities. Every financial institution must have policies, regulations, and controls in place. Everyone must follow these to avoid headaches and problems.

What I could say in this case any company finds that the financial laws let them pay from pocket money, let's say if you purchase something with 100 $ and sell with 115 $ due to the concurrence in the domain then the law applies a VAT for this product of 35 % and you cannot sell for 140 $ or no one makes a purchase from you that lets them declare lower than sales or they end by pay even employees from own resources.

 

[Starmix]

What I could say in this case any company finds that the financial laws let them pay from pocket money, let's say if you purchase something with 100 $ and sell with 115 $ due to the concurrence in the domain then the law applies a VAT for this product of 35 % and you cannot sell for 140 $ or no one makes a purchase from you that lets them declare lower than sales or they end by pay even employees from own resources.

That is so difficult if the government interferes affairs of people's businesses. VAT in my country is also found in all items, it is best to buy in the market, there is no VAT.

 

[neku]

Keeping business records is important, yet some online business owners cannot keep digital records for their business , because hackers may delete the records out of hatred.

 

[Suba]

Financial compliance should not just be used as a slogan or announcement but must be implemented by those in authority by conducting regular financial compliance audits to ensure that financial compliance has been adhered to and implemented in accordance with the standards and regulations that apply to an institution.

 

[Starmix]

It's better be safe than sorry and there is peace ot mind if comply the requirements of the laws. We're governed by the laws of our constitution.

 

[Suba]

Keeping business records is important, yet some online business owners cannot keep digital records for their business , because hackers may delete the records out of hatred.

To be able to keep business records, online business people should make daily duplicates of their transactions and store them in a safe place or offline so they can avoid hackers.

 

[neku]

Keeping daily duplicates or backups of digital records is very time consuming for a small business owner with limited resources, so it is better to keep offline records, which can be easily accessed.

 

[Suba]

Keeping daily duplicates or backups of digital records is very time consuming for a small business owner with limited resources, so it is better to keep offline records, which can be easily accessed.

Making a duplicate transaction only requires a screenshot and you save it on an offline device. Keeping records offline means the same as making a duplicate, bro.

 

[King Belieal]

One of the major financial compliance regulations in my country is that people that do transactions more than $1000 must fill the money laundering form. It is always a must. And failure to do so, you would face the law.

 

[Augusta]

financial compliance needs to be taken seriously by business owners it is to ensure that financial compliance has been adhered to by those that should

 

[Starmix]

Financial compliance is very essential for protection. All must abide the law to avoid confiscation of your products ' resources.

 

[Augusta]

Sure, every financial institution must have policies, regulations, in place. people must follow them to avoid problems.

 

[Starmix]

Sure, every financial institution must have policies, regulations, in place. people must follow them to avoid problems.

That is right mate, no one is above the law and everyone who manages a business must comply with the legalities to avoid permit cancellation.

 

[monster_masterpiece]

That is right mate, no one is above the law and everyone who manages a business must comply with the legalities to avoid permit cancellation.

This is theorical speaking only, there are people above the law to not lie to our selves, those how have money and power and pay money for authorities to violate laws without going to prison.

 

[Augusta]

This is theorical speaking only, there are people above the law to not lie to our selves, those how have money and power and pay money for authorities to violate laws without going to prison.

I understand you mate it is just unfortunate that we are in the world that some people get away with bad behavior

 

[Starmix]

This is theorical speaking only, there are people above the law to not lie to our selves, those how have money and power and pay money for authorities to violate laws without going to prison.

We have strict laws in the Philippines regardless of status even our secretary of Justice, and some Congressmen were jailed. No one is above the law.