FinTech and Meeting Regulatory compliances in AWS

Prasad Puranik

Fintech companies grapple with the challenge of balancing agility and compliance. The need for rapid development and deployment clashes with the stringent regulatory requirements inherent in the financial industry.

The Reserve Bank of India (RBI) has been actively working on regulations and guidelines related to fintech. Here are some general areas of focus in RBI guidelines for fintech, along with considerations for mapping them to a cloud setup:

1. Data Localization and Storage:

  • RBI Guideline: Ensure compliance with data localization requirements, especially for sensitive financial data.
  • Cloud Setup: Ensure that the infrastructure is set up in Mumbai or Hyderabad regions in India. As there are two regions now available, one can act as a primary and the second can act as a backup site.

2. Security and Cybersecurity Measures:

  • RBI Guideline: Customer sensitive data and personal identifiable information (PII) should be secure.
  • Cloud Setup: Encrypt data at rest and in transit. Utilize cloud security services, such as AWS Key Management Service (KMS), for encryption key management. Leverage cloud-native security tools for monitoring, threat detection, and incident response.

3. Compliance with KYC and AML Norms:

  • RBI Guideline: Adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) norms for customer onboarding and transaction monitoring.
  • Cloud Setup: Implement identity and access management (IAM) solutions provided by cloud platformsAWS to manage user identities securely. Use cloud-based analytics tools for effective AML compliance.

4. Resilience and Business Continuity:

  • RBI Guideline: Establish resilient systems and ensure business continuity in case of disruptions.
  • Cloud Setup: Design a cloud architecture that spans multiple availability zones or regions for high availability. Leverage cloud disaster recovery services for business continuity planning

 

5. Audit Trails and Monitoring:

  • RBI Guideline: Maintain comprehensive audit trails and implement continuous monitoring mechanisms.
  • Cloud Setup: Utilize cloud-native logging and monitoring services for real-time visibility into system activities. Implement automated audit trails for compliance reporting.

 

Comprinno has helped multiple financial organizations achieve regulatory compliance and meet the stringent guidelines set forth by the RBI. Comprinno achieves this with its mantra of 4Ps – People, Processes, Product and Partnerships. 

 

We have Security Specialists guiding organizations in setting up secure infrastructures. We deliver robust cloud infrastructure, ensuring data localization, encryption, and high availability. Comprinno is a recognized AWS Security competency partner which solidifies our position to assist organizations needing to comply with regulatory requirements. The collaboration with CrowdStrike further enhances cybersecurity measures, providing advanced threat detection and response capabilities. 

 

Comprinno has a SaaS product – Tevico, which provides security assessment reports, reviews against security best practices, remediations for high risk issues and thereby assists organizations in adhering to compliance requirements.

 

Through a comprehensive approach encompassing people, processes, product and strategic partnerships, we help fintech companies to navigate regulatory challenges, enhance resilience, and embrace the future of secure and compliant financial technology services.

 

Do reach out to me if you require Fintech infrastructure solutioning or SecOps.

About Author

Prasad Puranik, an accomplished Entrepreneur, Technologist, and Management Expert, brings over 24 years of invaluable experience in the Information Technology. As the Founder and CEO of Comprinno Technologies Pvt. Ltd., he continues to lead with a visionary approach, driving innovation and excellence in the ever-evolving tech landscape.

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