Belgium Banking Compliance Checklist: A Guide to Regulatory Requirements
The National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) are the primary financial services regulators in Belgium. As credit institutions, insurers, stockbrokers, and other financial organizations consider outsourcing business functions to the cloud, it’s essential they comply with applicable regulatory requirements.
Understanding Regulatory Requirements
Microsoft has published a compliance checklist for financial institutions in Belgium to help guide them through this process. The checklist maps Microsoft Azure, Microsoft Dynamics 365, and Microsoft 365 services against regulatory obligations, providing an overview of the regulatory landscape and helping organizations conduct due-diligence assessments.
Key Regulations to Consider
- NBB Circular PPB 2004/5: Sound management practices in outsourcing by credit institutions and investment firms
- FSMA Circular 05-06.2007: Organizational requirements for firms providing investment services
- NBB Circular 2009-17: Financial services via the Internet: Prudential requirements
- NBB Circular 2015-32: Additional prudential expectations regarding operational business continuity, and security of systemically important financial institutions
Using the Compliance Checklist
The checklist can be used as a tool to:
- Measure compliance against a regulatory framework
- Provide an internal structure for documenting compliance
- Help customers conduct their own risk assessments of Microsoft business cloud services.
Key Features of the Checklist
- An overview of the regulatory landscape for context
- A comprehensive checklist that sets forth the issues to be addressed and maps Microsoft cloud services against regulatory obligations
Additional Resources
Microsoft offers additional resources to further assist financial institutions in Belgium, including:
- A compliance checklist for financial institutions in Belgium
- Financial use cases: Use case overviews, tutorials, and other resources to build Azure solutions for financial services
- Frequently asked questions (FAQs) on regulatory approval and mandatory terms
Microsoft Purview Compliance Manager
The Microsoft Purview Compliance Manager is also available to help organizations understand their compliance posture and take actions to reduce risks. A premium template for building an assessment for this regulation can be found in the assessment templates page in Compliance Manager.
Conclusion
By following these guidelines, financial institutions in Belgium can ensure they are compliant with applicable regulatory requirements when outsourcing business functions to the cloud.