What is the difference between regulatory licensing and ongoing regulatory compliance?

What is the difference between regulatory licensing and ongoing regulatory compliance?

• A. Licensing is ongoing; Compliance is ongoing adherence.
• B. Compliance is the initial approval; Licensing is ongoing
• C. Licensing is the initial approval by regulators to operate; Compliance is ongoing adherence to laws, regulations, reporting, and change management
• D. They are the same concept.

Answer: (C)

Licensing is the initial permission from regulators to operate, granted after evaluating the operator’s suitability, finances, and controls. Ongoing regulatory compliance is the continuous obligation to follow the applicable laws and regulations, meet reporting requirements, and manage changes to the operation. In casino gaming, you obtain the license before opening, then you must continuously adhere to rules, submit required reports, undergo audits, and implement changes as regulations evolve. This is why the best choice says licensing is the initial approval to operate, while compliance is ongoing adherence to laws, regulations, reporting, and change management.

Licensing is the initial permission from regulators to operate, granted after evaluating the operator’s suitability, finances, and controls. Ongoing regulatory compliance is the continuous obligation to follow the applicable laws and regulations, meet reporting requirements, and manage changes to the operation. In casino gaming, you obtain the license before opening, then you must continuously adhere to rules, submit required reports, undergo audits, and implement changes as regulations evolve. This is why the best choice says licensing is the initial approval to operate, while compliance is ongoing adherence to laws, regulations, reporting, and change management.