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Financial Services Regulations in Argentina: A Guide to Outsourcing IT Services

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Regulatory Requirements

Financial services regulations in Argentina are governed by Communication “A” 7777 and Communication “A” 7783 issued by the B.C.R.A. These regulations outline the requirements for outsourcing IT services, including:

  • Notification Requirement: Financial institutions must notify the SEFyC at least 60 calendar days prior to commencing outsourced activities.
  • Characteristics of Services Provided Through Digital Means: Institutions must disclose characteristics of services provided through digital means.
  • Categories of Data and Services to be Outsourced: Institutions must identify categories of data and services to be outsourced.
  • Materiality or Criticality of Relevant Workloads: Institutions must assess the materiality or criticality of relevant workloads in light of B.C.R.A. Regulation and operational risk management policies.

Technical and Operational Requirements

Financial institutions must comply with minimum requirements for managing technology and information security risks associated with digital financial services, as outlined in sections 2, 3, and 4 of the consolidated text introduced by Communication “A” 7783.

AWS Compliance Programs

Third-party certifications, attestations, and audit reports are valuable compliance resources for financial institutions and regulators in overseeing outsourced activities. AWS offers a contractual framework that helps regulated customers satisfy applicable contractual requirements under the B.C.R.A. Regulation, including specific terms addressing regulator’s access and inspection rights.

Managing Cloud Adoption Successfully

Financial institutions can manage their cloud adoption successfully by following these steps:

1. Contacting an AWS Representative

  • Discuss how the AWS Partner Network (APN), Solutions Architects, Professional Services teams, and training instructors can assist with the cloud adoption journey.
  • Explore governance and risk management practices.

2. Reviewing AWS Compliance Reports

  • Obtain and review the latest AWS SOC 1 and SOC 2 reports, PCI-DSS Attestation of Compliance and Responsibility Summary, and ISO 27001 certification from AWS Artifact accessible through the AWS Management Console.

Conclusion

By following these guidelines and regulatory requirements, financial institutions in Argentina can ensure compliance with regulations while successfully managing their cloud adoption journey.