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Financial institutions across the globe use AWS to transform the way they do business. It’s exciting to watch our customers in the financial services industry, such as Allianz, Barclays, Goldman Sachs Monzo, Tandem, and Starling Bank, innovate in unique ways, across all geos and use cases. Regulations continue to evolve in this space, and we’re working hard to help customers proactively respond to new rules and guidelines. In many cases, the AWS Cloud makes it easier than ever before for customers to comply with different regulations and frameworks around the world.
In particular, AWS is enabling customers’ compliance with new EU regulatory guidance on how financial institutions should use third-party services, including cloud. New outsourcing guidelines issued by the European Banking Authority (EBA), a financial supervisory authority that develops EU-wide rules, took effect on September 30 and apply to banks, payment institutions, and other types of financial entities.
The EBA Guidelines incorporate a risk-based approach that expects regulated entities to identify, assess, and mitigate the risks associated with any outsourcing arrangement. The risk-based approach outlined in the EBA Guidelines is consistent with the long-standing AWS shared responsibility model. This approach applies throughout the EBA Guidelines, including the areas of risk assessment, contractual and audit requirements, data location and transfer, and security implementation.
As reflected in the EBA Guidelines, it’s important to take a balanced approach when evaluating responsibilities in a cloud implementation. AWS is responsible for the security of the AWS Global Infrastructure. In the EU, we currently operate AWS Regions in Ireland, Frankfurt, London, Paris, and Stockholm, with our new Milan Region opening soon. For all of our data centers, we assess and manage environmental risks, employ extensive physical and personnel security controls, and guard against outages through our resiliency and testing procedures. In addition, independent, third-party auditors test more than 2,600 standards and requirements in the AWS environment throughout the year.
We encourage customers to learn about how the EBA Guidelines apply to their organization. Our teams of security, compliance, and legal experts continue to work with our EU financial services customers, both large and small, to support their journey to the AWS Cloud.
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