Personal financial information is another of the most highly-protected classes of information, and all banking and financial services providers are required under FACTA, Sarbanes-Oxley, Gramm-Leach-Bliley, or some combination thereof, to ensure such information is kept strictly confidential. Because the risks to the customer of having their information exposed include fraud, theft and identity theft, the penalties for failing to protect sensitive information are significant.

To further complicate matters, the onus of customer privacy protection is upon all who use the information, including banks, brokers and retailers – basically anyone who processes a credit or debit card transaction is at risk of improperly disclosing or failing to protect confidential information.

Simply shielding sensitive information from public view is not enough—access to personally-identifiable information like names, addresses, social security numbers, account numbers, transaction details and more must be limited to only those who need to know it, and only when they need to know it, and companies have to track when the information is accessed and by whom to demonstrate compliance.

Gateway Records Management has extensive experience with the storage, scanning and shredding of banking and other financial records—we guarantee compliance for all of our services, and always provide our customers with a Certificate of Destruction for shredded records that satisfies their compliance reporting requirements.

To learn more about our banking and financial services records management experience and what best practices we recommend you implement to ensure complete compliance, please contact us today!