Compliance means you're checking to see if you (or your client) is adhering and meeting legal and regulatory requirements.
Compliance services mean you are offering a service where you check to see if the client is meeting those legal and regulatory requirements, because law and regulations can be long, extensive, and vague. Businesspeople can be busy a lot of the time, and they don't always have legal expertise, which is where you come in.
In essense, if you have a law degree (ideally qualified as a solicitor, but a law degree alone), you should be more than OK to do the job.
I presume the company you're looking at is in some sort of legal firm and can specialise in business formations and laws surrounding busineses.