Fintech Compliance Checklist Template

At minimum, review quarterly and before any major product launch, market expansion, or significant feature change. Regulatory requirements shift regularly. The OCC and FinCEN publish guidance updates throughout the year, and state regulators may change licensing requirements with limited notice. Build compliance reviews into your quarterly planning cadence rather than treating them as ad-hoc tasks.

The product manager typically owns the checklist as a coordination tool, but the actual compliance obligations are owned by specific functional leads. Legal owns regulatory interpretation, security owns technical controls, and engineering owns implementation. The PM's role is to ensure nothing falls through the cracks and that compliance work is prioritized alongside feature work. Use your [product strategy](/strategy-guide) planning process to allocate capacity for compliance work each quarter.

PCI DSS is a specific standard for organizations that handle payment card data. It prescribes detailed technical controls (encryption methods, access rules, scanning frequency). SOC 2 is a broader audit framework covering security, availability, processing integrity, confidentiality, and privacy. Many fintech companies need both: PCI DSS for payment processing and SOC 2 Type II for customer trust and enterprise sales. They overlap in areas like access control and encryption, but PCI DSS is more prescriptive about cardholder data specifically.

Yes, but your scope is significantly reduced. Using Stripe or a similar processor means you may qualify for PCI DSS SAQ-A (the simplest self-assessment) instead of a full assessment. However, you still have obligations around data protection, AML (if you hold funds or facilitate transfers), and any product-specific regulations like lending laws. The checklist helps you track what Stripe covers versus what remains your responsibility. Review Stripe's [shared responsibility model](https://stripe.com/docs/security/guide) as a starting point.

Start with a regulatory gap analysis 3-6 months before launch. Identify what licenses, registrations, or approvals are required in the new jurisdiction. Map the new requirements against your existing checklist to find gaps. Common pitfalls: assuming US compliance covers Canada (it does not), underestimating EU data residency requirements, and missing state-level licensing in the US. Budget both time and legal fees. License applications can take 6-18 months depending on the state or country. ---