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Data Protection Regulations for Finance in Cambodia: What You Need to Know

The Kingdom of Cambodia has implemented various data protection regulations to ensure the safe handling of sensitive financial information. As a financial institution operating in Cambodia, understanding these regulations is crucial to avoid penalties and maintain customer trust.

Key Legislation and Guidelines

In order to comply with Cambodian data protection regulations, it’s essential to familiarize yourself with the following key legislation and guidelines:

  • Technology Risk Management Guidelines (2019): This framework covers due diligence, risk management, monitoring, and oversight in the use of cloud services.
  • Regulatory Approval Resource for Financial Services in Cambodia: AWS provides a comprehensive resource outlining the regulatory requirements for financial institutions using its services in Cambodia.

Data Privacy and Protection Considerations

Financial institutions operating in Cambodia must also adhere to data privacy requirements when storing or processing personal data. The following considerations are crucial:

  • Data Protection Requirements for EU Personal Data: For customers processing EU personal data, AWS’s General Data Protection Regulation (GDPR) Center is a useful resource.
  • Using AWS in the Context of Common Privacy and Data Protection Considerations: The AWS whitepaper offers valuable insights into this area.

Steps to Ensure Compliance

To better understand compliance needs:

  1. Assess workload purpose and relevant categories of data: Determine which legal and regulatory requirements apply.
  2. Procure necessary approvals or issue notice: Obtain approval from the National Bank of Cambodia (NBC), if required.
  3. Review AWS Shared Responsibility Model: Map AWS responsibilities and customer responsibilities for each service used.
  4. Conduct security and compliance assessment: Use AWS Artifact to access audit reports and assess control responsibilities.

Additional Resources

For further information, please refer to the following resources:

  • User Guide for Financial Institutions in Cambodia
  • AWS Compliance Quick Reference Guide
  • Navigating GDPR Compliance on AWS
  • Using AWS in the Context of Common Privacy and Data Protection Considerations

By understanding these regulations, financial institutions can ensure compliance and protect sensitive data, maintaining trust with customers and minimizing risk.