What is the role of legislative compliance in fintech? 🔊
The role of legislative compliance in fintech is critical, as financial technology companies must adhere to various laws and regulations governing financial transactions, data protection, and consumer rights. Compliance ensures that these organizations operate within the legal framework, thus protecting them from potential fines, reputational harm, and operational disruptions. Sound compliance practices also promote consumer trust, which is essential for long-term success in the financial sector.
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