Compliance Interview Questions and Answers

RBI requires Prepaid Payment Instruments (PPIs) to be issued only after obtaining prior approval from them.

• RBI mandates that all PPIs must be approved by them before issuance

• This is to ensure that PPIs are not misused for money laundering or other illegal activities

• PPI issuers must comply with RBI's guidelines and regulations

• Failure to comply with RBI's requirements can result in penalties or revocation of license

• Examples of PPIs include e-wallets, gift cards, and travel card...read more

Compliance ensures adherence to laws, regulations, and ethical standards.

• Compliance helps prevent legal and financial penalties.

• It promotes ethical behavior and protects the reputation of the organization.

• It ensures the safety and well-being of employees and customers.

• Non-compliance can lead to loss of business and damage to the brand.

• Examples include HIPAA regulations in healthcare and GDPR in data privacy.

Circulars are official communications issued by regulatory bodies to provide guidance or updates on compliance matters.

• Circulars can be issued by government agencies, financial institutions, or regulatory bodies.

• They often provide updates on laws, regulations, or compliance requirements, such as the RBI circular on digital lending.

• Circulars may also clarify existing regulations or provide guidance on best practices, like the SEC's circular on insider trading.

• They serve as a t...read more

The market scenario reflects current economic conditions, trends, and regulatory challenges impacting businesses.

• Economic Trends: Interest rates are rising, affecting borrowing costs for businesses.

• Regulatory Changes: New compliance regulations in data privacy are emerging, impacting tech companies.

• Market Competition: Increased competition in the renewable energy sector is driving innovation.

• Consumer Behavior: A shift towards online shopping is influencing retail strategies.

• G...read more

Discussing expected salary involves considering market rates, personal experience, and job responsibilities.

• Research industry standards for compliance roles in your region.

• Consider your years of experience; for example, a candidate with 5 years may expect a higher salary than a recent graduate.

• Factor in the specific responsibilities of the role; a compliance manager may command a different salary than a compliance analyst.

• Be prepared to discuss your previous salary and how it...read more