This page provides AWS financial institution customers with information about the legal and regulatory requirements in Panama that may apply to their use of AWS services.
Can financial institutions use AWS?
Yes. Financial institutions in Panama are permitted to use cloud services, provided that they comply with applicable legal and regulatory requirements, such as those described below.
Who are the financial regulators?
The Superintendencia de Bancos de Panamá or “SBP” (Superintendent of Banks of Panama) is the governmental authority responsible for the supervision of banking and credit institutions in Panama.
The Superintendencia del Mercado de Valores or “SMV” (Superintendent of the Securities Market) is Panama’s supervisory authority for capital markets.
The Superintendencia de Seguros y Reaseguros de Panamá or “SSR” (Superintendence of Insurance and Reinsurance of Panama) regulates the insurance market and insurance companies.
What regulations apply to financial institutions using AWS?
Financial Institutions in Panama may be subject to a number of different legal and regulatory requirements when they use cloud services. Relevant regulations include the following:
- Acuerdo No. 009-2005 Outsourcing regulation (issued by the SBP)
- Acuerdo No. 006-2011 Guidelines for electronic banking and the management of related risks (issued by the SBP)
- Acuerdo No. 003-2012 and Acuerdo No. 005-2018 Guidelines for management of information technology risk (issued by the SBP and the SMV, respectively)
The above framework covers a variety of contractual and operational areas, including due diligence, risk management, business continuity, and monitoring and oversight. Financial institutions are encouraged to implement the Technology Risk Management Guidelines on a voluntary basis within 2 years from the date of the Guidelines.
Customers that have questions about the applicable regulations and guidelines, and how these may apply to their use of AWS services, can reach out to their account representative.
Regulations are changing rapidly in this space, and AWS is working to help customers proactively respond to new rules and guidelines. AWS encourages its financial institutions customers to obtain appropriate advice on their compliance with all regulatory and legal requirements that are relevant to their business, and local regulations, guidelines and laws.
Key considerations for financial institutions using AWS
AWS is committed to offering customers a strong compliance framework and advanced tools and security measures that customers can use to evaluate meet, and demonstrate compliance with applicable legal and regulatory requirements.
Financial institutions who are using or planning to use AWS services can take the following steps to better understand their compliance needs:
1. Consider the purpose of the workload(s) under consideration and the relevant categories of data in order to anticipate which legal and regulatory requirements may apply.
2. Assess the materiality or criticality of the relevant workload(s) in light of local requirements. For example, the SBP and SMV require regulated entities to obtain prior approval and notification, respectively, for the use of cloud services outside of Panama provided by a third party such as AWS.
3. Review the AWS Shared Responsibility Model and map AWS responsibilities and customer responsibilities according to each AWS service that will be used. Customers can also use AWS Artifact to access AWS’s audit reports and conduct their assessment of the control responsibilities.
Customers who have further questions about how AWS services can enable their security and compliance needs, or who would like more information, can contact their account representative.
Key data privacy and protection considerations for financial institutions using AWS
Financial institutions in Panama using AWS services should also consider applicable privacy requirements, including:
- Ley No. 81, the Panama Privacy Law, published in March 2019 and effective as of January 1, 2021
- Article 111 of the Panamanian Banking Act
- Executive Decree No. 52 adopting Decree Law 9 1998, as modified by Decree Law 2 2008
- Article 241(8) of the Panamanian Insurance Act
- Law 12 of 2012
- Article 9 of Acuerdo 002-2011 issued by the SMV
The AWS whitepaper, Using AWS in the Context of Common Privacy and Data Protection Considerations provides useful information to customers using AWS cloud services to store or process personal data.
If Customers process or are planning to process the personal data of data subjects in the European Union (EU), they should visit AWS’s General Data Protection Regulation (GDPR) Center.
Guía de Referencia Rápida sobre Seguridad y Conformidad de AWS
Mediante el uso de AWS, se beneficia de la gran cantidad de controles de seguridad que utilizamos, lo que reduce el número de controles de seguridad que necesita mantener. Sus propios programas de certificación y conformidad se fortalecen, al mismo tiempo que se reduce el costo vinculado con el mantenimiento y la ejecución de sus requisitos de control de seguridad específicos.
Los controles de seguridad 800-53 del Instituto Nacional de Normalización y Tecnología (NIST) pueden aplicarse de forma general a los sistemas de información federales de EE. UU. Los servicios y la infraestructura de la nube de AWS fueron validados por pruebas de terceros realizadas en función de los controles NIST 800-53 revisión 4, además de los requisitos adicionales de FedRAMP.
This guide provides customers with sufficient information to be able to plan for and document the Payment Card Industry Data Security Standard (PCI DSS) compliance of their AWS workloads. This includes the selection of controls that meet specific PCI DSS 3.2.1 requirements, planning of evidence gathering to meet assessment testing procedures, and explaining their control implementation to their PCI Qualified Security Assessor (QSA).
This document provides information to assist customers who want to use AWS to store or process content containing personal data, in the context of common privacy and data protection considerations. It will help customers understand the way AWS services operate, including how customers can address security and encrypt their content. The geographic locations where customers can choose to store content and other relevant considerations. The respective roles the customer and AWS each play in managing and securing content stored on AWS services.
AWS has many compliance-enabling features that you can use for your regulated workloads in the AWS cloud. These features allow you to achieve a higher level of security at scale. Cloud-based compliance offers a lower cost of entry, easier operations, and improved agility by providing more oversight, security control, and central automation.
The purpose of this paper is to describe how AWS and our customers in the financial services industry achieve operational resilience using AWS services.
This paper provides insight into classification schemes for public and private organizations to leverage when moving data to the cloud. It identifies practices and models currently implemented by global first movers and early adopters, examines how implementation of these schemes can simplify cloud adoption, and recommends practices to harmonize national requirements to internationally recognized standards and frameworks.
This paper addresses: The real and perceived security risks expressed by governments when they demand in-country data residency. Commercial, public sector, and economic impact of in-country data residency policies with a focus on government data. Considerations for governments to evaluate before enforcing requirements that can unintentionally limit public sector digital transformation goals leading to increased cybersecurity risk.
This document is intended to provide information to assist AWS customers with integrating AWS into their existing control framework supporting their IT environment. This document includes a basic approach to evaluating AWS controls and provides information to assist customers with integrating control environments. This document also addresses AWS-specific information around general cloud computing compliance questions.
Guidelines for systematically reviewing and monitoring your AWS resources for security best practices.
PCI DSS Level 1