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Financial Institutions in Argentina Must Comply with Strict Security Measures

Background

The use of cloud services by financial institutions in Argentina is on the rise, but it requires strict adherence to legal and regulatory requirements.

Regulatory Framework

According to a recent report, the Central Bank of Argentina (BCRA) has established guidelines for banks and financial institutions regulated by the BCRA when procuring IT services, including cloud services. The BCRA’s Communication “A” 6,354, as amended by Communication “A” 6,375, outlines general outsourcing guidelines that must be followed.

Additionally, the National Securities Exchange Commission (CNV) regulates the Argentinean capital markets, while the National Superintendence of Insurance (SSN) oversees the insurance market.

Compliance Requirements

Financial institutions in Argentina using cloud services provided by Amazon Web Services (AWS) must consider applicable privacy requirements, including:

  • Argentina’s Personal Data Protection Law No. 25,326
  • Supplementary regulations issued by the Argentine Data Protection Authority
  • Guidelines for financial institutions to follow

To ensure compliance, financial institutions can take several steps:

  • Consider the purpose of their workload and the relevant categories of data to anticipate which legal and regulatory requirements may apply.
  • Assess the materiality or criticality of their workload in light of local requirements.
  • Review AWS’ Shared Responsibility Model and map responsibilities according to each service used.

AWS Resources for Compliance

AWS offers a range of resources to help financial institutions comply with these requirements, including:

  • A Compliance Quick Reference Guide
  • A whitepaper on Using AWS in the Context of Common Privacy and Data Protection Considerations

According to an AWS spokesperson: “We are committed to providing our financial institution customers with a strong compliance framework and advanced tools and security measures to evaluate, meet, and demonstrate compliance with applicable legal and regulatory requirements. We encourage our customers to obtain appropriate advice on their compliance needs and to contact us for further information.”

Contacting AWS

Financial institutions in Argentina using or planning to use AWS services can learn more about their compliance needs by contacting their account representative or visiting the AWS website.

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