All around the world, regulatory bodies are constantly creating and revising laws and making regulatory changes that govern businesses operating in specific industries. While most of these laws are only applicable to large corporations that meet specific requirements, sometimes they apply to smaller businesses, too. That’s why it’s important to have a strategy for remaining in compliance with all applicable laws. It’s just not possible to stay on top of ever-changing industry regulations manually.
The consequences of non-compliance are steep
According to data published on FintechFutures.com, the first two quarters of 2023 saw more than $3.7 billion in financial enforcement fines. A French ad company called Criteo was fined 40€ million for violating the GDPR by not getting user consent for targeted advertising. The original fine was 60€ million, but the company sought to get it reduced. Other companies in varying industries have also been hit with steep fines, and the only way to avoid this situation yourself is to stay on top of compliance requirements.