Financial Crime World

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Croatia’s Financial Institution Security Measures Get a Boost

In an effort to ensure the security of financial transactions in Croatia, Amazon Web Services (AWS) has introduced advanced tools and measures for financial institutions to evaluate, meet, and demonstrate compliance with applicable legal and regulatory requirements.

Regulatory Landscape

According to Hrvatska Narodna Banka (Croatian National Bank), credit institutions, payment institutions, electronic money institutions, and stock exchanges are under its supervision. The Croatian Financial Services Supervisory Agency (HANFA) is responsible for supervising investment firms, securities issuers, brokers, and insurance companies.

Compliance Requirements

For financial institutions using AWS services in Croatia, it is essential to comply with local regulations, guidelines, and laws, including:

  • The Decis ion on Adequate Information System Management
  • The Act on Cybernetic Security of Key Services Providers and Digital Service Providers
  • European Supervisory Authorities’ guidelines on outsourcing arrangements

Notification Requirements

AWS customers should note that the Croatian National Bank has updated its decision on outsourcing, requiring customers to notify HNB when outsourcing critical or important functions.

Privacy Considerations

In addition to complying with local regulations, financial institutions in Croatia must also consider applicable privacy requirements, including:

  • The General Data Protection Regulation (GDPR)
  • The Croatian Act on the Implementation of GDPR

If they process or plan to process personal data of data subjects in the European Economic Area, they should visit AWS’ GDPR Center for more information.

Steps to Better Understand Compliance Needs

To better understand their compliance needs, financial institutions can take the following steps:

  • Consider the purpose of the workload(s)
  • Assess materiality or criticality
  • Review the AWS Shared Responsibility Model
  • Notify relevant regulators when necessary

AWS Resources

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

  • The AWS Compliance Quick Reference Guide
  • Using AWS in the Context of Common Privacy and Data Protection Considerations