This chapter emphasizes that one needs to have at least a basic understanding of the products and services offered by his/her firm. The requirements and expectations of the financial services consumer vary greatly and so does the product offering available. Inextricably linked with the firm's products, services and activities are the documents that establish what one party expects from the other and how it is to be achieved. The compliance officer needs to be familiar with generally four types of documentation and those include trading agreements, customer documentation, tax documentation, and regulatory documentation. The trading agreements describe the relationship between the supplier and consumer of a given financial service whereas account‐opening documents are used to establish the basis on which a firm will manage its overall relationship with its customers. Compliance officer should have cursory knowledge of tax documentation; however, should have good knowledge of regulatory documentation.