Financial Crime World

Romania’s Banking Regulations Compliance: A Regulatory Overview

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Amazon Web Services (AWS) is committed to providing financial institutions in Romania with a robust compliance framework and advanced tools and security measures to ensure they meet and demonstrate compliance with applicable legal and regulatory requirements.

Regulatory Oversight

The National Bank of Romania (NBR) and the Financial Supervisory Authority (ASF) are responsible for supervising credit institutions, securities markets, and other financial entities to protect depositors’ interests and ensure a sound banking sector.

Financial institutions in Romania using AWS services may be subject to various legal and regulatory requirements. These include:

  • The European Banking Authority’s Guidelines on Outsourcing Arrangements, issued February 25, 2019
  • Local regulations in Romania, including:
    • NBR Regulation No. 5/2013 on prudential requirements for credit institutions
    • NBR Regulation No. 5/2014 supplementing NBR Regulation No. 5/2013

Key Considerations for Financial Institutions in Romania Using AWS

AWS provides a strong compliance framework and advanced tools and security measures that customers can use to evaluate, meet, and demonstrate compliance with applicable legal and regulatory requirements.

Data Privacy and Protection Requirements

Financial institutions in Romania using AWS services should also consider data privacy and protection requirements, including:

  • The General Data Protection Regulation (GDPR)
  • Local regulations regarding personal data of EU citizens

To better understand their compliance needs, financial institutions can:

  • Consider the purpose of the workload(s) under consideration and the relevant categories of data
  • Assess the materiality or criticality of the relevant workload(s) in light of local requirements
  • Review the AWS Shared Responsibility Model and map AWS responsibilities and customer responsibilities according to each AWS service used

Getting Started with Compliance

For further information on how AWS services can enable security and compliance needs, financial institutions can contact their account representative or AWS.