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Compliance Software for Financial Institutions in Sweden

In a bid to support financial institutions in Sweden navigate the complex regulatory landscape, Amazon Web Services (AWS) has rolled out a robust compliance framework and advanced tools to help them meet and demonstrate compliance with applicable legal and regulatory requirements.

The Swedish Financial Supervisory Authority (SFSA)

The SFSA, also known as Finansinspektionen, is responsible for overseeing banks and other credit institutions, securities companies, and insurance companies in Sweden. The authority has confirmed the applicability of the European Banking Authority Guidelines on outsourcing arrangements, which provide guidance to financial institutions using cloud services.

Regulations and Compliance Requirements

Financial institutions in Sweden using AWS services must comply with a range of regulations, including those issued by the SFSA. These regulations cover areas such as:

  • Audit rights
  • Security of data and systems
  • Location of data and data processing
  • Sub-outsourcing
  • Contingency plans and exit strategies

Obtaining Compliance Advice

AWS encourages its financial institution customers to obtain appropriate advice on their compliance with all regulatory and legal requirements relevant to their business. The company is committed to helping customers proactively respond to new rules and guidelines in the rapidly changing regulatory landscape.

Using Cloud Services in Sweden

Financial institutions in Sweden are permitted to use cloud services provided they comply with applicable legal and regulatory requirements, such as those described above.

Key Considerations for Financial Institutions in Sweden Using AWS

AWS offers 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. Key considerations for financial institutions using AWS services include:

  • The General Data Protection Regulation (GDPR)
  • Local regulations such as FFFS 2014:1 and FFFS 2017:2

Data Privacy and Protection Considerations

Financial institutions in Sweden processing or planning to process personal data of data subjects in the European Union must comply with GDPR requirements. AWS offers guidance on navigating GDPR compliance, including a whitepaper on Navigating GDPR Compliance on AWS.

Steps to Better Understand Compliance Needs

To better understand their compliance needs, financial institutions using or planning to use AWS services can take the following steps:

  • Consider the purpose of the workload and relevant categories of data
  • Assess materiality or criticality of the workload
  • Review the AWS Shared Responsibility Model
  • Map AWS responsibilities and customer responsibilities according to each service used

Contacting AWS for Compliance Support

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