Financial Software and Compliance in FinTech
Financial Software and Compliance in FinTech FinTech firms rely on software to process payments, store data, and power customer onboarding. As a company grows, so do rules from regulators. Compliance is not a burden; it builds trust with customers, banks, and watchdogs. A well-made system keeps decisions auditable, reduces risk, and speeds time to market. Core compliance areas Data protection and privacy: encryption, access controls, and clear data retention policies keep personal data safe. Identity verification and KYC onboarding: risk-based checks help verify customers without slowing them down. Transaction monitoring and AML: real-time alerts, anomaly detection, and documented workflows support safe processing. Auditability and change management: logs, versioning, and clear approvals make audits smoother. Third-party risk management: due diligence, vendor contracts, and ongoing monitoring reduce exposure. Documentation and governance: policies, incident response plans, and training records help guidance and readiness. Common pitfalls include rushing releases, skipping policy updates, or weak access controls. Regular internal audits, role-based access, and staff training help prevent these issues. ...