Slovakia Financial Institutions Must Comply with Stringent Banking Regulations
Introduction
The use of cloud services by financial institutions in Slovakia is on the rise, but with this trend comes the need for compliance with strict banking regulations. Amazon Web Services (AWS), a leading cloud service provider, has committed to helping its customers meet these regulatory requirements.
Compliance Requirements for Financial Institutions in Slovakia
According to the National Bank of Slovakia (NBS), credit institutions, securities markets and brokers, fund managers, payment services providers, investment firms, pension funds, and insurance and reinsurance companies are subject to strict supervision to protect the rights of financial consumers. The NBS supports the secure and sound functioning of the financial market by identifying, monitoring, and mitigating systemic risks to the financial system.
Regulatory Requirements for Cloud Services
Financial institutions in Slovakia using AWS services must comply with a range of legal and regulatory requirements. For instance:
- European Banking Authority (EBA) Guidelines on outsourcing arrangements issued in February 2019 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.
Compliance Resources for Financial Institutions
To help customers comply with these regulations, AWS encourages its financial institution customers to obtain appropriate advice on their compliance with all relevant regulatory and legal requirements. The company is committed to providing advanced tools and security measures that enable customers to evaluate, meet, and demonstrate compliance with applicable legal and regulatory requirements.
Steps to Better Understand Compliance Needs
Financial institutions can take several steps to better understand their compliance needs:
- Consider the purpose of the workload and relevant categories of data
- Assess the materiality or criticality of the relevant workload
- Review the AWS Shared Responsibility Model
- Map AWS responsibilities and customer responsibilities according to each AWS service used
Resources for Compliance Requirements
AWS provides a range of resources to help customers navigate compliance requirements, including:
- 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
Conclusion
Financial institutions in Slovakia are permitted to use cloud services provided they comply with applicable legal and regulatory requirements. AWS is committed to helping its customers navigate these regulations and ensure the secure and sound functioning of their financial operations.
“Financial institutions in Slovakia are permitted to use cloud services provided they comply with applicable legal and regulatory requirements,” said an AWS spokesperson. “We are committed to helping our customers navigate these regulations and ensure the secure and sound functioning of their financial operations.”