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Banking Regulations and Compliance in Hungary

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The Central Bank of Hungary (Magyar Nemzeti Bank) is the supervisory authority of the financial markets in Hungary, overseeing credit institutions, securities markets, and brokers, among others. Financial institutions in Hungary using cloud services must comply with local regulations, including Recommendation No. 4/2019 (IV. 1.) on community and public cloud computing services.

Key Considerations for Financial Institutions in Hungary

  • Compliance with applicable legal and regulatory requirements is essential when using cloud services.
  • The EBA Guidelines and local regulations, such as Recommendation No. 4/2019 (IV. 1.), must be followed.
  • Financial institutions should assess the materiality or criticality of their workload(s) to determine which legal and regulatory requirements apply.
  • Reviewing the AWS Shared Responsibility Model and mapping AWS responsibilities and customer responsibilities is crucial.

Data Privacy and Protection Considerations

Financial institutions in Hungary using AWS services must also consider applicable privacy requirements, including the General Data Protection Regulation (GDPR). Processing or storing personal data of EU citizens requires compliance with GDPR standards. AWS provides resources to help customers navigate GDPR compliance, such as the GDPR Center and Navigating GDPR Compliance on AWS whitepaper.

Steps to Better Understand Compliance Needs

  1. Determine which legal and regulatory requirements apply based on the purpose and category of data.
  2. Assess the materiality or criticality of the workload(s) in light of local requirements.
  3. Review the AWS Shared Responsibility Model and map AWS responsibilities and customer responsibilities for each service used.

Additional Resources

  • 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, or contractual commitments from AWS. The responsibilities and liabilities of AWS to its customers are controlled by AWS agreements.