Requires financial institutions (broadly defined to include many fintechs and money services businesses) to keep records, file reports, and maintain customer identification programs to assist in detecting money laundering and financial crime.
Dodd-Frank Wall Street Reform and Consumer Protection Act
Dodd-Frank
Sweeping financial reform law that created the Consumer Financial Protection Bureau and imposed new obligations on fintech companies, payment processors, and any business offering consumer financial products.
Regulates the collection, use, and sharing of consumer credit and background information. Applies to any company using background checks, credit reports, or algorithmic consumer evaluations for employment, housing, or credit decisions.
Requires financial institutions to explain their information-sharing practices and protect sensitive customer data. The Safeguards Rule mandates specific administrative, technical, and physical data security measures.