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- Hong Kong (SAR)
Hong Kong (SAR)
Regulations
This page provides AWS financial institution customers with information about the legal and regulatory requirements in Hong Kong (SAR) that may apply to their use of AWS services.
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Yes. Financial institutions in Hong Kong (SAR) are permitted to use cloud services, provided that they comply with applicable legal and regulatory requirements, such as those described below.
The Hong Kong Monetary Authority (HKMA) regulates and supervises Authorized Institutions (AIs) including banks and deposit-taking companies as well as retail payment systems and stored-value facilities.
The Hong Kong Insurance Authority (HKIA) regulates and supervises authorized insurers including insurance companies.
The Securities and Futures Commission (SFC) regulates and supervises the securities and futures markets including brokers, investment advisers, fund managers and intermediaries.
- HKMA Risk Assessment Form on Technology-related Outsourcing (including Cloud Computing) [document not publicly available - available to AIs only]
Financial institutions in Hong Kong (SAR) may be subject to a number of different legal and regulatory requirements when they use cloud services. Guidelines issued by Hong Kong (SAR) financial services regulators provide a framework for financial institutions in Hong Kong (SAR) when they are planning to use cloud services. Some key guidelines are as follows:
In general, the above guidance covers a variety of contractual and operational areas, including due diligence, risk management, business continuity, and monitoring and oversight. The following AWS whitepapers provide further information on these issues in the context of AWS services:
Customers that have questions about the applicable regulations, 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, including other local regulations, guidelines and laws.
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 HKMA Authorized Institutions should notify the HKMA prior to entering a material outsourcing arrangement with AWS. Authorized Insurers should notify the HKIA prior to entering into a new material outsourcing arrangement or significantly varying an existing one. SFC-Licensed Corporations should seek SFC approval if regulatory records are stored exclusively with an external Electronic Data Storage Provider (EDSP) 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.
4. 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.
Financial institutions in Hong Kong (SAR) using AWS services should also consider applicable privacy requirements, including the Hong Kong Personal Data (Privacy) Ordinance (Cap. 486) . More information on these requirements are included in the AWS whitepaper Using AWS in the Context of Hong Kong SAR Privacy Considerations .
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 . More information on these requirements is included in Navigating GDPR Compliance on AWS .
Resources
Country-specific
The following resources are available for download through AWS Artifact. Please note that an AWS account will be required to access AWS Artifact.
- HKMA TM-G-1 Workbook
- HKMA TM-G-2 Business Continuity Planning Workbook
- HKIA GL20 Guideline on Cybersecurity Workbook
The following resources are publicly available:
Using AWS in the Context of Hong Kong SAR Privacy Considerations
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 and the Hong Kong Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (PDPO). 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 HKMA Virtual Banking User Guide
At AWS, we understand the compliance needs of Authorized Institutions (AI) and strive to help them migrate to the cloud in a secure manner. The Hong Kong Monetary Authority (HKMA) has recently revised the Guideline on Authorization of Virtual Banks, and confirmed that the virtual banks will be subject to the same set of supervisory requirements applicable to conventional banks. This User Guide focuses on the following key considerations for Virtual Banks using AWS, described in the Guideline of Authorization of Virtual Banks and with reference to the AWS User Guide to Financial Services Regulations & Guidelines in Hong Kong.
This document provides information to assist Authorized Insurers (AIs) licensed by the Hong Kong Insurance Authority (IA) as they accelerate their use of Amazon Web Services (AWS) Cloud services. AIs can use this information to perform their due diligence and assess how to implement an appropriate information security, risk management, and governance program for their use of AWS, including delivering insurance services over the internet.
Navigating Hong Kong Monetary Authority (HKMA) compliance on AWS
This guide provides information to assist regulated Authorized Institutions (AIs) licensed by the Hong Kong Monetary Authority (HKMA) as they accelerate their use of Amazon Web Services (AWS) cloud services. It describes the respective roles that the AIs and AWS each play in managing and securing the cloud environment, and provides an overview of the regulatory requirements and guidance that AIs can consider when using AWS
General
Payment Card Industry Data Security Standard (PCI DSS) on AWS
This guide provides customers with 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 requirements, planning of evidence gathering to meet assessment testing procedures, and explaining their control implementation to their PCI Qualified Security Assessor (QSA)..
Using AWS in the Context of Common Privacy and Data Protection Considerations
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 Compliance Quick Reference Guide
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.
Data Classification and Secure Cloud Adoption
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.
AWS Policy Perspectives: Data Residency
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.