Which types of businesses must adhere to CBA compliance requirements?

Businesses categorized as financial institutions, such as banks and brokerages, must adhere to CBA compliance requirements because they are primarily involved in handling, managing, and processing financial transactions and personal customer data. These entities are subject to strict regulatory frameworks designed to prevent fraud, ensure data security, and promote transparency in financial dealings. CBA compliance helps protect consumers' sensitive information and maintains the integrity of the financial system.

The regulatory demands placed on financial institutions stem from the critical nature of their operations in the economy and their interactions with a wide range of stakeholders, including individuals, businesses, and government entities. Hence, their compliance with applicable laws and regulations is essential for maintaining public trust and operational legitimacy.