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Cambodia’s Banking Regulations: A Comprehensive Guide for Financial Institutions

In a rapidly evolving regulatory landscape, financial institutions in Cambodia must ensure they comply with legal and regulatory requirements when using cloud services like Amazon Web Services (AWS). The National Bank of Cambodia (NBC) supervises local and foreign banks and other financial institutions, including micro-finance institutions and leasing companies.

Compliance Framework for Financial Institutions

To facilitate compliance, AWS offers a strong framework and advanced tools to help customers evaluate, meet, and demonstrate compliance with applicable regulations. This includes the Technology Risk Management Guidelines issued by the NBC in July 2019, which cover contractual and operational areas such as due diligence, risk management, and monitoring and oversight.

Key Considerations for Financial Institutions

Financial institutions in Cambodia using AWS services must consider key considerations, including:

  • Data privacy and protection requirements
  • The European Union’s General Data Protection Regulation (GDPR) may also apply to customers processing personal data of EU citizens

Steps to Better Understand Compliance Needs

To better understand compliance needs, financial institutions can follow these steps:

  • Assess the criticality of workloads
  • Procure relevant approvals or issue notice as required by local regulations
  • Review AWS’ Shared Responsibility Model
  • Map responsibilities for each service used

Customers can access audit reports through AWS Artifact to conduct their assessment of control responsibilities.

Additional Resources for Compliance

AWS provides additional resources to support compliance needs, including:

  • Regulatory Approval Resource for Financial Services in Cambodia
  • User Guide for Financial Institutions in Cambodia
  • Compliance Quick Reference Guide
  • Navigating GDPR Compliance on AWS
  • Using AWS in the Context of Common Privacy and Data Protection Considerations

Conclusion

Financial institutions are encouraged to obtain appropriate advice on their compliance with all regulatory and legal requirements relevant to their business. With rapidly changing regulations, AWS is committed to helping customers proactively respond to new rules and guidelines.