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Compliance Training for Financial Institutions in Slovakia
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As a financial institution operating in Slovakia, ensuring compliance with regulatory requirements is crucial to maintaining the trust of your customers and avoiding costly fines. In this article, we will provide an overview of the key regulations and guidelines that apply to financial institutions using cloud services in Slovakia.
Who Regulates Financial Institutions in Slovakia?
The National Bank of Slovakia (NBS) is the primary regulator of financial institutions in Slovakia, including credit institutions, securities markets, and brokers. The NBS aims to protect the rights of financial consumers and ensure the secure and sound functioning of the financial market through identification, monitoring, and mitigation of systemic risks.
Regulations Applicable to Financial Institutions in Slovakia
Financial institutions in Slovakia may be subject to various regulations when using cloud services, including:
- European Banking Authority (EBA) Guidelines on Outsourcing Arrangements: These guidelines apply to EU-regulated credit institutions, investment firms, electronic money institutions, and payment institutions.
- National Bank of Slovakia Methodological Instruction No. 6/2004 on the Utilization of Outsourcing by Banks: This instruction outlines the requirements for outsourcing arrangements in banks.
Key Considerations for Financial Institutions in Slovakia
When using cloud services, financial institutions in Slovakia should consider the following key areas:
Data Privacy and Protection
- Ensure compliance with applicable requirements, including the General Data Protection Regulation (GDPR).
- Review AWS’s data protection and security measures to ensure they meet your organization’s needs.
Security and Control
- Review the AWS Shared Responsibility Model to map AWS responsibilities and customer responsibilities according to each AWS service used.
- Implement additional security controls as needed to meet your organization’s requirements.
Materiality and Criticality
- Assess the materiality or criticality of the relevant workload(s) in light of local requirements.
- Determine whether the cloud services being used are critical to your business operations.
Additional Resources
For more information on compliance and security considerations for financial institutions using cloud services, we recommend exploring the following resources:
- AWS Compliance Quick Reference Guide: This guide provides an overview of AWS’s compliance framework and certifications.
- Implications of the Code of Conduct for Cloud Infrastructure Service Providers in Europe: This document outlines the requirements for cloud infrastructure service providers in Europe.
- Navigating GDPR Compliance on AWS: This guide provides tips and best practices for navigating GDPR compliance on AWS.
- Using AWS in the Context of Common Privacy and Data Protection Considerations: This guide provides an overview of how to use AWS while meeting common privacy and data protection requirements.
Contact Us
If you have questions about using AWS services or need more information, please contact your account representative or our compliance team.