This page provides AWS financial institution customers with information about the legal and regulatory requirements in South Korea that may apply to their use of AWS services. 

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Regulations

  • Yes. Financial institutions in South Korea are permitted to use cloud services, provided that they comply with applicable legal and regulatory requirements, such as those described below. 

  • The Financial Services Commission (FSC) is a central government body responsible for financial policy and financial supervision of financial institutions in South Korea such as banks, insurance companies, mutual savings banks, trust business entities, investment traders or brokers, investment business entities, investment advisory business entities, and financial holding companies.

    The Financial Supervisory Service (FSS) is South Korea’s fully integrated supervisory authority under the Act on the Establishment of Financial Supervisory Organizations. It is a specially legislated quasi-government supervisory authority and charged with financial supervision across the entire financial sector.

    The FSC assumes the primary responsibility for rulemaking and licensing while the FSS principally conducts prudential supervision, capital market supervision, consumer protection, and other oversight and enforcement activities as delegated or charged by the FSC.

  • Financial Institutions in South Korea may be subject to a number of different legal and regulatory requirements when they use cloud services.

    Legislation issued by the FSC together with relevant guidelines, provide a framework for financial institutions in South Korea when they are planning to use cloud services. Key legislation and guidelines include the following:

    • Guideline on the Use of Cloud Computing Services in Financial Industry (2019) [no online source available]

    The above framework covers a variety of contractual and operational areas, including due diligence, risk management, business continuity, and monitoring and oversight.

    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 criticality of the relevant workload(s) in light of local requirements and procure the relevant approvals or issue the appropriate notice. For example, under the Guideline on the Use of Cloud Computing Services in Financial Industry (2019) financial institutions must report to the FSS workloads that they have self-assessed as “highly important.”

    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 South Korea using AWS should also consider applicable privacy requirements, including the South Korea Personal Information Protection Act. 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. 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.

  • 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.

    AWS Operational Resilience

    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.

    AWS Risk and Compliance

    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.

    AWS Security Audit Guidelines

    Guidelines for systematically reviewing and monitoring your AWS resources for security best practices.

  • Compliance Programs

  • CSA

    ISO 27018

    ISO 9001

    GDPR

    ISO 27001

    PCI DSS Level 1

    ISO 27017

    SOC

Review requirements

We are continually adapting to evolving regulations. Check often for updates.

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