Since the Legal site of Stack Exchange isn't ready quite yet, I figured this would be the best place to ask this question.
What are, if any, the legal requirements (or online resources for finding this info out) that I must uphold if I wish to sell an application that acts as a Personal Account/Information Manager, which:
Stores (optionally, but preferably) personally identifiable information, and;
Stores (optionally) bank account information, such as existing and current balance, and transaction history, entered by the user.
With regards to encryption, is there a legal standard of encryption that we as developers must use for securing this type of information?