Financial Crime World

Here’s the article rewritten in markdown format with proper headings, subheadings, and bullet points:

Compliance Requirements for Financial Institutions in Slovenia

Slovenia - Financial institutions operating in Slovenia must comply with a range of regulatory requirements when using cloud services. According to Amazon Web Services (AWS), these institutions must adhere to strict guidelines to ensure secure and compliant operations.

Key Regulations Apply to Financial Institutions

The European Banking Authority Guidelines on outsourcing arrangements, issued in February 2019, cover a range of areas, including:

  • Audit rights
  • Security of data and systems
  • Location of data and data processing
  • Sub-outsourcing
  • Contingency plans and exit strategies

Additionally, local regulations, guidelines, and laws in Slovenia may also apply, such as the Bank of Slovenia’s Regulation on Internal Governance Arrangements.

AWS Committed to Supporting Compliance

AWS is committed to offering financial institutions a strong compliance framework and advanced tools and security measures to evaluate, meet, and demonstrate compliance with applicable legal and regulatory requirements. Customers can contact their account representative or AWS for more information.

Data Privacy and Protection Requirements

Financial institutions using AWS services must also consider applicable privacy requirements, including the General Data Protection Regulation (GDPR). The GDPR Center provides guidance on these requirements, and a whitepaper, Navigating GDPR Compliance on AWS, offers more information.

Steps to Better Understand Compliance Needs

To ensure compliance with regulatory requirements, financial institutions can take the following steps:

  • Consider the purpose of the workload(s) under consideration and the relevant categories of data.
  • Assess the materiality or criticality of the relevant workload(s) in light of local requirements.
  • Review the AWS Shared Responsibility Model and map AWS responsibilities and customer responsibilities according to each AWS service that will be used.

Additional Resources Available

AWS provides a range of resources to support financial institutions, including:

  • The AWS Compliance Quick Reference Guide
  • Implications of the Code of Conduct for Cloud Infrastructure Service Providers in Europe
  • Navigating GDPR Compliance on AWS
  • Using AWS in the Context of Common Privacy and Data Protection Considerations

Disclaimer

This document is provided for informational purposes only and does not create any warranties, representations, contractual commitments, conditions or assurances from AWS. The responsibilities and liabilities of AWS to its customers are controlled by AWS agreements.