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Financial Services Regulations in Argentina for Amazon Web Services (AWS) Customers
Regulatory Overview
The B.C.R.A. Regulation sets minimum requirements for the management and control of technology and information security risks associated with digital financial services.
- Financial institutions must consider outsourcing risks when working with cloud service providers like AWS.
- This regulatory framework ensures that financial institutions maintain a high level of security and compliance when using cloud services.
Normative Interpretations
The B.C.R.A. published regulatory guidance in the form of Normative Interpretations to clarify the scope of the B.C.R.A. Regulation with respect to financial institutions outsourcing to cloud service providers.
- Reviewing international, third-party certifications (such as ISO certifications) and independent third-party audit reports (such as SOC reports) can satisfy B.C.R.A. requirements.
- This regulatory guidance provides clarity on the requirements for financial institutions working with cloud service providers.
AWS Enterprise Agreement
AWS offers its customers regulated by the B.C.R.A. a contractual framework that helps them satisfy applicable contractual requirements under the B.C.R.A. Regulation.
- This agreement provides specific terms addressing regulator’s access and inspection rights, where required by applicable law and under certain conditions.
- The AWS Enterprise Agreement ensures that financial institutions can work with AWS while maintaining compliance with regulatory requirements.
Technical and Operational Requirements
The consolidated text Minimum requirements for the management and control of technology and information security risks associated with digital financial services defines minimum technical and operational requirements for financial institutions.
- Financial institutions should consider workloads involved, relevant categories of data and services to be outsourced, and assess materiality or criticality in light of B.C.R.A. Regulation and their operational risk management policies.
- This regulatory framework ensures that financial institutions maintain a high level of security and compliance when using cloud services.
Getting Started
Each organization’s cloud adoption journey is unique; regulated institutions need to understand their current state, desired target state, and transition required to achieve the target state.
- To manage cloud adoption successfully, financial institutions in Argentina should:
- Contact an AWS representative to discuss how the AWS Partner Network (APN) can assist with their cloud adoption journey.
- Obtain and review a copy of the latest AWS SOC 1 and SOC 2 reports, PCI-DSS Attestation of Compliance and Responsibility Summary, and ISO 27001 certification from AWS Artifact.
- Consider the relevance and application of AWS security whitepapers, AWS Well-Architected Framework, and CIS Amazon Web Services Foundations Benchmark.
- Explore other governance and risk management practices as necessary and do due diligence and risk assessment using tools and resources referenced throughout this guide.
Overall, this guide provides a comprehensive overview of financial services regulations in Argentina for AWS customers and highlights the importance of understanding regulatory requirements when working with cloud service providers like AWS.