Financial Crime World

Financial Institution Security Measures in Panama: A Regulatory Overview

Regulatory Framework

Panama’s financial regulator, the Superintendencia de Bancos de Panamá (SBP), oversees banking and credit institutions, while the Superintendencia del Mercado de Valores (SMV) supervises capital markets. The Superintendencia de Seguros y Reaseguros de Panamá (SSR) regulates the insurance market.

Compliance Requirements for Cloud Services

Financial institutions in Panama using cloud services must comply with relevant regulations, including:

  • Acuerdo No. 009-2005 Outsourcing regulation: This regulation requires financial institutions to conduct thorough reviews of cloud services to ensure they meet regulatory requirements.
  • Acuerdo No. 006-2011 Guidelines for electronic banking and related risks: These guidelines outline the risks associated with electronic banking and provide recommendations for mitigating these risks.
  • Acuerdo No. 003-2012 and Acuerdo No. 005-2018 Guidelines for information technology risk management: These guidelines provide recommendations for managing information technology risks in financial institutions.

Key Considerations for Financial Institutions

When using AWS, financial institutions in Panama should consider the following key factors:

  1. Due diligence: Conduct thorough reviews of cloud services to ensure they meet regulatory requirements.
  2. Risk management: Identify and mitigate potential risks associated with cloud services.
  3. Business continuity: Ensure that cloud services are designed to minimize disruptions to business operations.
  4. Monitoring and oversight: Regularly monitor and review cloud services to ensure compliance with regulatory requirements.

Applicable Privacy Requirements

Financial institutions in Panama must also consider applicable privacy requirements, including the Panama Privacy Law (Ley No. 81) and Article 111 of the Panamanian Banking Act.

Compliance Steps for Financial Institutions

To better understand their compliance needs, financial institutions can:

  1. Identify the purpose of the workload(s) under consideration and relevant categories of data.
  2. Assess the materiality or criticality of the workload(s) in light of local requirements.
  3. Review the AWS Shared Responsibility Model and map AWS responsibilities and customer responsibilities for each AWS service used.

Additional Resources

  • AWS Compliance Quick Reference Guide: This guide provides an overview of AWS compliance features and services.
  • Navigating GDPR Compliance on AWS: This resource provides guidance on complying with General Data Protection Regulation (GDPR) requirements when using AWS.
  • Using AWS in the Context of Common Privacy and Data Protection Considerations: This resource provides guidance on using AWS in a way that complies with common privacy and data protection considerations.

Disclaimer

This document is provided for informational purposes only and does not create any warranties, representations, contractual commitments, conditions or assurances from AWS. The responsibilities and liabilities of AWS to its customers are controlled by AWS agreements.