91 lines
3.5 KiB
Markdown
91 lines
3.5 KiB
Markdown
# Fintech Compliance and Regulatory Guidelines
|
|
|
|
## PCI DSS Compliance
|
|
|
|
### Level 1 Requirements (>6M transactions/year)
|
|
- **Network Security**: Firewall, network segmentation
|
|
- **Data Protection**: Encrypt cardholder data, mask PAN
|
|
- **Access Control**: Unique IDs, two-factor authentication
|
|
- **Monitoring**: Log access, file integrity monitoring
|
|
- **Testing**: Vulnerability scanning, penetration testing
|
|
- **Policies**: Information security policy, incident response
|
|
|
|
### Implementation Checklist
|
|
- [ ] Tokenize card data, never store full PAN
|
|
- [ ] Use validated payment processors (Stripe, Square)
|
|
- [ ] Implement Point-to-Point Encryption (P2PE)
|
|
- [ ] Regular security assessments and audits
|
|
- [ ] Staff training on data handling procedures
|
|
|
|
## SOX Compliance (Public Companies)
|
|
|
|
### Key Controls
|
|
- **ITGC**: IT General Controls for financial systems
|
|
- **Change Management**: Documented approval processes
|
|
- **Access Reviews**: Quarterly user access audits
|
|
- **Segregation of Duties**: Separate authorization/recording
|
|
- **Documentation**: Maintain audit trails and evidence
|
|
|
|
## GDPR/Privacy Regulations
|
|
|
|
### Data Processing Requirements
|
|
- **Lawful Basis**: Consent, contract, legitimate interest
|
|
- **Data Minimization**: Collect only necessary data
|
|
- **Purpose Limitation**: Use data only for stated purposes
|
|
- **Retention Limits**: Delete data when no longer needed
|
|
- **Data Subject Rights**: Access, rectification, erasure, portability
|
|
|
|
### Technical Safeguards
|
|
- **Privacy by Design**: Build privacy into system architecture
|
|
- **Encryption**: End-to-end encryption for personal data
|
|
- **Pseudonymization**: Replace identifiers with artificial ones
|
|
- **Data Loss Prevention**: Monitor and prevent unauthorized access
|
|
|
|
## Banking Regulations
|
|
|
|
### Open Banking (PSD2)
|
|
- **Strong Customer Authentication**: Multi-factor authentication
|
|
- **API Security**: OAuth 2.0, mutual TLS, certificate validation
|
|
- **Data Sharing**: Consent management, scope limitation
|
|
- **Fraud Prevention**: Real-time monitoring, risk scoring
|
|
|
|
### Anti-Money Laundering (AML)
|
|
- **Customer Due Diligence**: Identity verification, risk assessment
|
|
- **Transaction Monitoring**: Unusual pattern detection
|
|
- **Suspicious Activity Reporting**: Automated SAR generation
|
|
- **Record Keeping**: 5-year transaction history retention
|
|
|
|
## Testing Requirements
|
|
|
|
### Compliance Testing
|
|
- **Penetration Testing**: Annual external security assessments
|
|
- **Vulnerability Scanning**: Quarterly automated scans
|
|
- **Code Reviews**: Security-focused static analysis
|
|
- **Red Team Exercises**: Simulated attack scenarios
|
|
|
|
### Audit Preparation
|
|
- **Documentation**: Policies, procedures, evidence collection
|
|
- **Control Testing**: Validate effectiveness of security controls
|
|
- **Gap Analysis**: Identify compliance deficiencies
|
|
- **Remediation Planning**: Prioritize and track fixes
|
|
|
|
## Regional Considerations
|
|
|
|
### United States
|
|
- **CCPA**: California Consumer Privacy Act requirements
|
|
- **GLBA**: Gramm-Leach-Bliley Act for financial institutions
|
|
- **FFIEC**: Federal guidance for IT risk management
|
|
- **State Regulations**: Additional requirements by state
|
|
|
|
### European Union
|
|
- **PSD2**: Payment Services Directive
|
|
- **GDPR**: General Data Protection Regulation
|
|
- **MiFID II**: Markets in Financial Instruments Directive
|
|
- **EBA Guidelines**: European Banking Authority standards
|
|
|
|
### Asia-Pacific
|
|
- **PDPA**: Personal Data Protection Acts (Singapore, Thailand)
|
|
- **Privacy Act**: Australia's privacy legislation
|
|
- **PIPEDA**: Canada's Personal Information Protection
|
|
- **Local Banking**: Country-specific financial regulations
|