Financial Crime World

Financial Institution Security Measures in Myanmar: Regulatory Overview

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The Central Bank of Myanmar (CBM) is responsible for overseeing banks and non-bank financial institutions in the country, ensuring they comply with legal and regulatory requirements. Despite a lack of specific regulations governing cloud services, financial institutions in Myanmar can use Amazon Web Services (AWS) to store and process data, provided they adhere to applicable laws and guidelines.

AWS Compliance Framework

AWS offers a strong compliance framework and advanced tools to help financial institutions meet regulatory demands. To ensure compliance, customers are encouraged to:

  • Establish an outsourcing governance framework
  • Conduct due diligence on service providers
  • Perform risk assessments for workloads running on AWS services

Key Considerations for Financial Institutions in Myanmar

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

  • Data privacy and protection requirements: The company’s whitepaper “Using AWS in the Context of Common Privacy and Data Protection Considerations” provides valuable information for customers processing personal data.
  • GDPR compliance: Those handling EU data subjects should visit AWS’ General Data Protection Regulation (GDPR) Center.

Compliance Needs Assessment

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

  • Assess workload purpose and relevant data categories to anticipate applicable regulations
  • Review the AWS Shared Responsibility Model and map responsibilities for each service used
  • Use AWS Artifact to access audit reports and conduct control assessments

Additional Resources for Compliance Guidance

For further information on how AWS services support security and compliance needs, customers can:

  • Contact their account representative or the company directly
  • Access publicly available resources such as:
    • AWS Compliance Quick Reference Guide
    • Navigating GDPR Compliance on AWS
    • Using AWS in the Context of Common Privacy and Data Protection Considerations

Disclaimer

This document is for informational purposes only and does not create any contractual commitments, warranties, or representations from AWS or its affiliates. Customers should consult their account representative or contact the company directly to address compliance questions.