What is banking compliance I'm not sure if I'm using the term correctly but there's something that's referred to as compliance in banking. Am I correct to understand that it's the process of obeying the laws and regulatory guidelines for financial institutions in general? Or is there a more specific meaning to the term?

What would be two or three common examples of such compliances?
You are using it correctly. It means the processes and protocols created by banks or those imposed to them by authorities. If the bank also has some quality certificate, like iSOs, them this imposes new compliance costs and processes.