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Financial Institution Compliance Requirements in Slovakia Take Center Stage

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In a move to strengthen compliance frameworks for financial institutions in Slovakia, Amazon Web Services (AWS) has outlined key regulations and guidelines that must be adhered to when using cloud services.

Regulatory Requirements in Slovakia

According to Národná Banka Slovenska (National Bank of Slovakia), the country’s primary financial regulator, credit institutions, securities markets, and other financial entities are subject to a range of legal and regulatory requirements. These include:

  • The European Banking Authority Guidelines on outsourcing arrangements, which provide guidance on:
    • Audit rights
    • Security of data and systems
    • Location of data and data processing
    • Sub-outsourcing
    • Contingency plans

Financial institutions in Slovakia using AWS services must comply with these guidelines, as well as local regulations and laws.

Compliance Obligations for Financial Institutions in Slovakia

The National Bank of Slovakia has confirmed its intention to apply the EBA Guidelines in Slovakia, which cover a range of contractual and operational areas. AWS encourages financial institutions to obtain appropriate advice on their compliance with all regulatory and legal requirements that are relevant to their business.

Key Considerations for Financial Institutions in Slovakia

  • Compliance with EBA Guidelines and local regulations
  • Data privacy and protection requirements, including the General Data Protection Regulation (GDPR)
  • Reviewing the AWS Shared Responsibility Model and mapping responsibilities according to each service used

How to Ensure Compliance with AWS Services

To better understand compliance needs, financial institutions can consider:

  • The purpose of their workloads
  • Assess materiality or criticality
  • Review the AWS Shared Responsibility Model
  • Map AWS responsibilities

Additional resources are available for customers who need more information.

AWS Support for Financial Institutions in Slovakia

AWS is committed to helping financial institutions in Slovakia navigate complex regulatory requirements and ensure secure and compliant cloud operations. For further questions or information, customers can contact their account representative or AWS directly.