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Regulatory Compliance Checklist
Data Privacy and Protection
Conduct regular data privacy impact assessments.
Implement strong encryption for data at rest and in transit.
Develop and enforce a data retention and disposal policy.
Ensure compliance with GDPR, CCPA, and other relevant regulations.
Train employees on data privacy and protection protocols.
Anti-Money Laundering (AML)
Perform thorough customer due diligence (CDD) and know your customer (KYC) checks.
Monitor and report suspicious transactions.
Maintain accurate records of all transactions and customer information.
Implement and regularly update AML policies and procedures.
Conduct regular AML training for all relevant staff.
Cybersecurity Compliance
Adopt a robust cybersecurity framework such as NIST or ISO 27001.
Regularly update and patch all software and systems.
Conduct frequent vulnerability assessments and penetration tests.
Implement multi-factor authentication (MFA) for all access points.
Ensure incident response and disaster recovery plans are in place and tested.
Consumer Protection
Provide clear and transparent information about financial products and services.
Implement mechanisms to resolve consumer complaints swiftly.
Ensure advertising and marketing materials are truthful and not misleading.
Maintain confidentiality of consumer data.
Comply with all relevant consumer protection laws and regulations.
Financial Reporting and Disclosure
Prepare and submit financial statements in accordance with GAAP or IFRS.
Disclose all material information to stakeholders in a timely manner.
Ensure accuracy and completeness of financial reports.
Implement internal controls to prevent financial fraud.
Conduct regular audits by independent external auditors.
