GDPR Compliance for Fintech Companies | Complete Guide
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Key Compliance Highlights
Data subject rights implementation and management
Lawful basis for processing documentation
Data Protection Impact Assessment (DPIA) procedures
Cross-border data transfer mechanisms
Data Processing Agreement (DPA) requirements
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Frequently Asked Questions
What lawful bases work for fintech data processing?
Contract performance works for service delivery. Legitimate interests may cover fraud prevention and security. Legal obligation covers regulatory requirements. Consent is rarely the best choice for core services.
How long can we retain financial data under GDPR?
Retention periods should balance GDPR minimization with regulatory requirements. Financial regulations often mandate 5-7 year retention, which provides a legal basis for keeping data.
What are the DPIA requirements for fintech?
DPIAs are required for high-risk processing including profiling for lending decisions, large-scale financial data processing, and use of new technologies like AI in credit scoring.
Related Comparisons
Disclaimer: Compliance costs and timelines are estimates based on market benchmarks (AICPA fee surveys, vendor pricing indices 2025). Actual auditor fees and internal effort will vary based on your specific control environment, system complexity, and auditor selection. Consult with a qualified CPA for a formal statement of work.