Malta’s Banking Sector Must Comply with Stringent Regulations

The Malta Financial Services Authority (MFSA) has implemented a robust regulatory framework to ensure that financial institutions in the country operate within strict guidelines. As part of this effort, banks in Malta must adhere to various legal and regulatory requirements when using cloud services like Amazon Web Services (AWS).

Regulatory Framework

The MFSA is responsible for supervising and regulating the conduct of the financial services industry in Malta, aiming to protect consumers’ interests and promote high standards of behavior. For financial institutions in Malta, compliance with regulations such as:

European Banking Authority Guidelines on outsourcing arrangements
Local laws like BR/14/2009 Outsourcing by Credit Institutions Authorized under the Banking Act 1994

is crucial.

AWS Compliance Framework

AWS offers its financial institution customers in Malta a strong compliance framework and advanced tools and security measures to evaluate, meet, and demonstrate compliance with applicable legal and regulatory requirements. The company encourages its customers to obtain appropriate advice on their compliance with all relevant regulatory and legal requirements.

Key Considerations for Financial Institutions

Financial institutions in Malta are permitted to use cloud services like AWS provided they comply with applicable legal and regulatory requirements. Key considerations for financial institutions using AWS include:

Evaluating the purpose of the workload
Assessing materiality or criticality
Reviewing the AWS Shared Responsibility Model
Mapping responsibilities according to each service used

Additional Considerations

Financial institutions should also consider applicable privacy requirements, including:

General Data Protection Regulation (GDPR)

More information on these requirements is available in the AWS whitepaper “Navigating GDPR Compliance on AWS”.

Resources for Financial Institutions

To better understand compliance needs, financial institutions can take steps such as:

Considering the purpose of their workload and relevant categories of data
Assessing materiality or criticality
Reviewing the AWS Shared Responsibility Model
Mapping responsibilities according to each service used

AWS offers various resources for its customers, including:

AWS Compliance Quick Reference Guide
Implications of the Code of Conduct for Cloud Infrastructure Service Providers in Europe
Navigating GDPR Compliance on AWS
Using AWS in the Context of Common Privacy and Data Protection Considerations