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REGULATORY COMPLIANCE FRAMEWORKS IN MACAO EVOLVE TO MEET EMERGING CHALLENGES
The Monetary Authority of Macao (AMCM) has been adapting its supervision of financial technology to address emerging challenges and promote development in the industry. In 2023, the AMCM enhanced its guidelines on technology and operational risk management to improve regulatory compliance and security requirements.
New Guidelines for Authorized Institutions
Four new circulars were issued:
- Guideline on Risk Management of Electronic Banking: Enhances required security measures for financial products and services provided through electronic channels.
- Guideline on Technology and Cyber Risk Management: Improves authorized institutions’ resilience to technology and cyber risk.
- Guideline on Outsourcing: Ensures that outsourcing arrangements are subject to appropriate due diligence.
- Industry Guidance on Cloud Outsourcing Controls: Provides guidance on cloud computing services.
Compliance Requirements for Authorized Institutions
Authorized Institutions must:
- Conduct a gap analysis of their existing control points to identify any gaps or non-compliance issues.
- Complete related remediation measures within 12 months after the new guidelines come into effect.
New Requirements and Supervisory Approach
The revised guidelines include new requirements for:
- Electronic banking risk management
- Technology and cyber risk management
- Outsourcing arrangements
- Cloud computing services
The AMCM has outlined its supervisory approach to outsourcing arrangements and major prudential issues to be considered when entering outsourcing or cloud outsourcing arrangements.
Assistance from Deloitte
Deloitte can assist Authorized Institutions in meeting their compliance obligations by providing an overview of the updated technology and operational risk management guidelines. Our experts can help you navigate the revised requirements and ensure that your institution is compliant with the new regulations.
Contact Us
For inquiries, please do not hesitate to contact us. We look forward to engaging in discussion and addressing your questions.