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Compliance Procedures for Banks in Latvia

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Amazon Web Services (AWS) has made a commitment to offering financial institutions in Latvia with a strong compliance framework and advanced tools and security measures that enable them to evaluate, meet, and demonstrate compliance with applicable legal and regulatory requirements. This overview provides insight into the legal and regulatory requirements in Latvia that may apply to the use of AWS services by financial institutions.

Regulatory Overview

The Financial and Capital Market Commission is Latvia’s financial supervisory authority responsible for overseeing credit unions, insurance companies, and other financial institutions. When using cloud services, financial institutions in Latvia must consider a range of regulations, including:

  • European Banking Authority Guidelines on outsourcing arrangements: issued February 25, 2019
  • Local laws:
    • Credit Institution Law
    • Insurance and Reinsurance Law

Key Considerations for Financial Institutions in Latvia

Key considerations for financial institutions in Latvia using AWS include:

  • Evaluating their compliance with relevant legal and regulatory requirements
  • Assessing the materiality or criticality of their workloads
  • Reviewing the AWS Shared Responsibility Model
  • Mapping AWS responsibilities and customer responsibilities according to each service used

Data Privacy and Protection Requirements

Financial institutions must also consider data privacy and protection requirements, including:

  • General Data Protection Regulation (GDPR): ensures the protection of personal data within the European Union
  • Latvia’s Personal Data Processing Law: regulates the processing of personal data in Latvia

Steps to Better Understand Compliance Needs

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

  1. Identify the purpose of their workloads and relevant categories of data
  2. Assess the materiality or criticality of their workloads
  3. Review the AWS Shared Responsibility Model
  4. Map AWS responsibilities and customer responsibilities

Additional Resources

For further information, financial institutions in Latvia using AWS can refer to the following resources:

  • AWS Compliance Quick Reference Guide
  • Implications of the Code of Conduct for Cloud Infrastructure Service Providers in Europe
  • Navigating GDPR Compliance on AWS
  • Using AWS in the Context of Common Privacy and Data Protection Considerations

Those with further questions about how AWS services can enable security and compliance needs are encouraged to contact their account representative or reach out to AWS.