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Mauritius Banks Must Comply with Stringent Regulatory Requirements

The Bank of Mauritius has outlined a regulatory framework for banks in the country to ensure stability and strength in the financial system. The Financial Services Commission (FSC) is responsible for supervising non-banking financial institutions.

Compliance Requirements for Cloud Services

Banks in Mauritius using cloud services must comply with relevant legal and regulatory requirements, including:

  • Guidelines on Outsourcing by Financial Institutions (2006 and 2018 revisions)
  • Data Protection Act of 2017 (Act No. 20 of 2017)

Key Considerations for Banks Using Amazon Web Services (AWS)

When using AWS, banks in Mauritius must consider the following key factors:

  • Due diligence
  • Risk management
  • Business continuity
  • Monitoring
  • Oversight

Banks are permitted to use cloud services provided they comply with applicable regulations.

Privacy Requirements

Financial institutions must also consider applicable privacy requirements, including local privacy requirements in Mauritius. The AWS whitepaper “Using AWS in the Context of Common Privacy and Data Protection Considerations” provides useful information for customers using AWS cloud services to store or process personal data.

Steps to Better Understand Compliance Needs

To better understand compliance needs, banks can take the following steps:

  • Consider the purpose of the workload(s) under consideration and relevant categories of data to anticipate which legal and regulatory requirements may apply.
  • Assess the materiality or criticality of the relevant workload(s) in light of local requirements.
  • Review the AWS Shared Responsibility Model and map AWS responsibilities and customer responsibilities according to each AWS service used.
  • Use AWS Artifact to access AWS’ audit reports and conduct an assessment of control responsibilities.

Resources for Compliance

Banks with questions about using AWS services or seeking more information can contact their account representative or AWS directly. The company encourages its customers to obtain appropriate advice on compliance with all relevant regulatory and legal requirements, including local regulations, guidelines, and laws.

AWS provides resources such as the:

  • AWS Compliance Quick Reference Guide
  • “Using AWS in the Context of Common Privacy and Data Protection Considerations” whitepaper

to support customers’ compliance needs.

Commitment to Compliance

AWS is committed to helping financial institutions in Mauritius navigate the complex regulatory landscape by providing a strong compliance framework and advanced tools and security measures.