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Regulatory Requirements for Financial Institutions in the US in Korea

SEOUL, KOREA - Financial institutions in Korea must navigate a complex web of regulations when using cloud services from companies like Amazon Web Services (AWS). In this article, we’ll explore the key regulatory requirements that financial institutions in Korea must comply with when using AWS.

Who Regulates Financial Institutions in Korea?

The primary regulators of financial institutions in Korea are:

• The Financial Services Commission (FSC): responsible for financial policy and supervision
• The Financial Supervisory Service (FSS): conducts prudential supervision, capital market supervision, consumer protection, and other oversight and enforcement activities.

What Regulations Apply to Financial Institutions in Korea Using AWS?

Financial institutions in Korea using AWS must comply with the following key regulations:

Electronic Financial Transaction Act (EFTA)

• Covers contractual and operational areas such as due diligence, risk management, business continuity, and monitoring and oversight

Regulation on Supervision of Electronic Financial Transactions (RSEFT)

• Provides guidelines for supervising electronic financial transactions

Guideline on the Use of Cloud Computing Services in Financial Industry (2019)

• Outlines requirements for cloud computing services in the financial industry

Compliance Considerations for Financial Institutions in Korea

In addition to these regulations, financial institutions using AWS in Korea must also consider applicable privacy requirements, including:

South Korea Personal Information Protection Act

• Requires organizations to protect personal information and provide transparency about data processing practices

To ensure compliance, financial institutions can take the following steps:

1. Assess the purpose of the workload(s) under consideration: anticipate which legal and regulatory requirements may apply
2. Review the AWS Shared Responsibility Model: map AWS responsibilities and customer responsibilities according to each AWS service that will be used
3. Consult with experts or use resources such as the AWS Workbook for the Korean FSI’s Guideline on Use of Cloud Computing Services

Additional Resources

For more information, financial institutions can access additional resources through AWS Artifact, including:

• 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 regulatory requirements, financial institutions in Korea can ensure they are complying with applicable laws and regulations when using cloud services from companies like AWS.