Banks, investment firms, insurers and fintech companies hold financial data that regulators watch closely. This playbook sets out the key regulations, shows how compliant firms protect client data and catch fraud, and gives you six steps to stay compliant.
Customer data is encrypted at rest and in transit, and staff need multi-factor authentication to reach it (GLBA, GDPR).
Automated tools flag unusual withdrawals and deposits from high-risk regions, backed by KYC checks and reports to the authorities (AML).
A PCI DSS-compliant gateway tokenizes card numbers, and regular audits and penetration tests confirm the setup holds.
Client records are kept for the seven years the law requires, encrypted, restricted by role and deleted automatically afterwards (SOX, GLBA).
Base it on what you do (banking, investment, payments) and where your clients are.
Review your processes, systems and controls for compliance gaps.
Cover data protection, transaction monitoring, reporting and record-keeping for AML, KYC and PCI DSS.
Especially those who handle transactions, client data and compliance oversight.
Transaction monitoring, secure payment gateways, encryption and automation that reduces human error.
Internal audits, third-party assessments and continuous monitoring for suspicious activity or breaches.
$100K CFPB fine for overstating its security
Iowa, 2010 to 2014
The fintech advertised bank-level encryption and PCI DSS compliance it did not have. No breach was needed: the false claim was the violation, and rebuilding trust took years.
100,000 people's personal data exposed
Missouri, 2013
Client data sat on a web server with no firewall, no encryption and no written security program. The SEC fined the firm $75,000, and notifying everyone cost far more.
The full playbook tells each of these stories in detail. Read them in the PDF (opens in a new tab)
A free compliance risk assessment shows which rules apply to you and where your systems fall short. Or call us on 718-806-9374.
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