Regulatory Complexity for Finland’s Financial Institutions in Cloud Services
Introduction
Helsinki, Finland - Finland’s financial institutions face a multitude of regulatory requirements when using cloud services, according to Amazon Web Services (AWS). As the country continues to navigate its digital transformation, it is essential for these institutions to understand and comply with various regulations to ensure operational integrity.
Key Regulatory Requirements
- European Banking Authority (EBA) Guidelines: Provide guidance on contractual and operational areas such as audit rights, security of data and systems, location of data and data processing, sub-outsourcing, and contingency plans and exit strategies.
- FIN-FSA’s Regulations and Guidelines: Outline specific requirements for outsourcing within the financial industry in Finland.
- General Data Protection Regulation (GDPR): Ensure compliance with data protection regulations when handling personal data of EU data subjects.
- Data Protection Act of Finland 1050/2018: Comply with local data protection laws.
Considerations for Financial Institutions
Financial institutions in Finland must:
- Evaluate and understand applicable legal and regulatory requirements.
- Meet and demonstrate compliance with these requirements.
- Consider the purpose of their workload(s), relevant categories of data, materiality or criticality of the workload(s).
- Review the AWS Shared Responsibility Model to ensure they are aware of their control responsibilities.
Tools and Resources
- AWS Artifact: Access audit reports and conduct assessments of control responsibilities.
- AWS GDPR Center: Visit for more information on data protection regulations and compliance requirements.
By understanding these regulatory complexities, financial institutions in Finland can ensure compliance and maintain a secure and efficient cloud environment.