/cloudfront-eu-central-1.images.arcpublishing.com/larazon/62P646NIVRF5PJW7EBGR4PMD5I.JPG "Google requires financial services advertiser authorization from CNMV or Bank of Spain")
Google has announced the implementation of new measures to combat financial fraud, protect its users, and ensure that they can trust the ads you see on your various platforms. For this reason, all financial services advertisers should have authorization from the National Securities Commission or the Bank of Spain to be able to advertise their services with companies.
Miguel Scassi, Google Spain and Portugal director of Institutional Relations and Public Policy, explained the new move in a statement. The company has updated its financial products and services policy to expands to Spain a certification model for financial services advertisers already put into practice in the UK.
Starting September 2021, financial services advertisers in these countries will have to demonstrate that they have authorization from the Financial Conduct Authority or that they can benefit from one of the exemptions provided to be able to show their ads on any of Google’s services. According to the company, these actions have led to “very marked decline in reports of advertisements suspected of promoting financial fraud”, which is why they are extending this model to other countries.
In the case of Spain, the measure will be effective from next year January 24 and advertisers will require authorization from CNMV or the Bank of Spain, among other regulators, to use Google’s advertising platform, Google Ads.
The pre-certification process starts this Monday and they will not be able to start or maintain their advertising activities beyond the announced date without completing google advertiser verification program.
This new layer of security against financial fraud is in addition to the company’s standards for marketing financial services such as: loans, debt settlements, or speculatively complex financial products. Scassi recalls that Google employs both “machine learning as human review to block scam ads” and that by 2021 “we are blocking or removing more than 58.9 million ads that violate our financial services policies.”
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