Here are some of the common regulatory laws that we, as a leading banking software development company, adhere to during our bank software development process:
Payment Card Industry Data Security Standard (PCI DSS): To protect cardholder information, software that processes payment card data must follow PCI DSS guidelines.
General Data Protection Regulation (GDPR): If the software manages the personal data of individuals living in the European Union, GDPR compliance is required. It emphasizes privacy and data security.
Regulations of the Consumer Financial Protection Bureau (CFPB): These rules in the US are centered on fair lending practices, consumer protection, and other areas.
Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations: In order to prevent money laundering and fraud, banking software must abide by the AML & KYC regulations requiring the gathering and verification of customer identity information.
Bank Secrecy Act (BSA): The United States has an act called the Bank Secrecy Act (BSA) that requires the development of anti-money laundering measures and the reporting of suspicious actions.