Financial Crime World

Stricter Compliance Requirements for Cambodia’s Financial Institutions

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New Regulations Issued by the National Bank of Cambodia (NBC)

Phnom Penh, Cambodia - The National Bank of Cambodia (NBC) has recently introduced stricter regulations for financial institutions using cloud services, including those provided by Amazon Web Services (AWS). The goal is to ensure that financial institutions in the country meet robust security and compliance standards.

Who is Responsible?

The NBC is responsible for regulating local and foreign banks as well as other financial institutions such as micro-finance institutions and leasing companies. As part of its regulatory framework, the NBC has issued the Technology Risk Management Guidelines (July 2019), which provide a comprehensive framework for financial institutions to manage technology risks, including those related to cloud services.

Key Compliance Requirements

Financial institutions in Cambodia using AWS must comply with several key regulations:

  • Technology Risk Management Guidelines: These guidelines cover due diligence, risk management, monitoring, and oversight.
  • Contractual and Operational Areas: Financial institutions must ensure data privacy and protection in their contractual and operational areas.

Taking a Proactive Approach

To ensure compliance, financial institutions are encouraged to implement the guidelines voluntarily within two years from the date of publication. AWS is working closely with its customers to help them navigate these new requirements and provide guidance on how to meet their compliance obligations.

Additional Resources Available

For more information, financial institutions can access additional resources through AWS Artifact:

  • User Guide for Financial Institutions in Cambodia: This guide provides a comprehensive overview of the guidelines and regulations.
  • AWS Compliance Quick Reference Guide: This reference guide outlines the key requirements and steps for compliance.
  • Navigational Guide for GDPR Compliance on AWS: This guide helps financial institutions navigate the General Data Protection Regulation (GDPR) on AWS.

By understanding these new regulations and taking proactive steps to ensure compliance, financial institutions in Cambodia can maintain a secure and trustworthy environment for their customers.