New ILMT Policy Could Increase Financial Exposure in IBM Audits - Lexology

In response to the digital transformation of services for the storage, processing and use of data, and to promote the use of cloud computing for the provision of financial services, the Colombian Finance Authority (Superintendencia Financiera de Colombia or “SFC”) has issued External Circular no. 005- 2019, in which it sets out instructions relating to the use of cloud computing services.

The circular introduces a new chapter into the SFC’s Basic Legal Circular, for the purpose of regulating the use of cloud computing services. This chapter covers the scope of application, the general obligations incumbent on entities which operate with their products on the cloud, and rules on the reporting of data relating to cloud computing to the SFC. The circular envisages a transition period of six months for those entities whose computer processes are currently cloud-based.

The text of the circular can be viewed here.

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