Cloud Computing and Data Offshoring for Banks

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Cloud Computing and Data Offshoring for Banks

The Prudential Authority has issued rules regulating cloud computing and data offshoring for banks (“Cloud Rules”) under Directive D3/2018 and related Guidance Note G5/2018. Banks must, in relation to their use of cloud computing and data offshoring, comply with the requirements of the Directive, read in conjunction with the Guidance Note. The Cloud Rules create a framework for the use of cloud computing and data offshoring by banks. The Cloud Rules should not, however, be read in isolation. They must be considered, and observed, in the context of the overall banking and financial services legislative framework which includes obligations to the Financial Intelligence Centre the SARB’s Financial Surveillance Department and the Financial Sector Conduct Authority.
https://info.microsoft.com/ME-DTBNK-CNTNT-FY19-12Dec-26-CloudComputing-MGC0003412_02ThankYou-StandardHero.html
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