FFIEC Compliance (Federal Financial Institutions Examination Council)
What is FFIEC Compliance?
FFIEC is a government agency responsible for setting consistent guidelines and uniform principles and practices for financial institutions. FFIEC compliance was implemented in 2005. This compliance law impacts financial institutions with online banking systems. FFIEC compliance states that multi-factor authentication must be installed. This can be in the form of a key card, biometric or iris scan or even facial recognition. It also calls for advanced encryption methods and layered security, among a whole slew of standards that aim to drive towards a better risk assessment.