Financial Crime World

Here is the rewritten article in markdown format:

Compliance in Finance Industry in Kenya: A Regulatory Overview

The financial services sector in Kenya is subject to a range of legal and regulatory requirements that must be complied with by financial institutions operating in the country. Amazon Web Services (AWS) has committed to providing its customers in the finance industry with a strong compliance framework and advanced tools and security measures to ensure they meet these requirements.

Who Regulates the Finance Industry in Kenya?

The Central Bank of Kenya (CBK), Insurance Regulatory Authority, and Capital Markets Authority are responsible for regulating and supervising various aspects of the financial services sector in Kenya. The CBK is responsible for formulating and implementing monetary policy and supervising banks, credit institutions, and payments processors.

What Regulations Apply to Financial Institutions Using AWS?

Financial institutions using cloud services in Kenya must comply with a range of legal and regulatory requirements. These include:

  • Guidance Note on Cybersecurity (2017)
  • Prudential Guidelines on Outsourcing (2013)
  • Other relevant legislation and guidelines issued by the CBK and CMA

Key Considerations for Financial Institutions Using AWS

Financial institutions using AWS in Kenya must consider applicable privacy requirements, including local data protection regulations. The Office of Data Protection enacted the Data Protection (General) Regulations, 2021, which sets out the duties and obligations of data controllers and processors.

To ensure compliance with regulatory requirements, financial institutions should:

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

Additional Resources

For further information on compliance with regulatory requirements, financial institutions can refer to:

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

AWS is committed to helping its customers in the finance industry comply with all applicable legal and regulatory requirements. For more information or assistance, please contact your account representative or [AWS customer support].