Google will require authorization from the CNMV and the Bank of Spain to advertise financial services

 

The crusade of the Securities Market Commission (CNMV) to deal with financial beach bars has managed to add Google to its ranks. The technological giant has promised that all entities that advertise financial services in their search engine in Spain are authorized by both the CNMV and the Bank of Spain.

From January 24, 2023, all firms that want to publish an ad for a financial product on Google and YouTube must have passed the multinational's advertiser verification program.

The CNMV sees Google's decision as positive and has appreciated its "willingness to collaborate in reducing the spread of fraud attempts against investors".

The fight against financial fraud is one of the great fronts opened by the CNMV this year. A concern that led the president of the supervisor, Rodrigo Buenaventura, to request in April that "the big search engines and social networks do not accept payment advertisements from entities that are already warned as suspicious in the lists published by the financial supervisors."

Miguel Escassi, Director of Institutional Relations and Public Policies of Google Spain and Portugal, explained that "we are concerned that the advertising we show is safe and reliable, and we are aware that, for this, it is essential to collaborate with the authorities and regulators "In that sense, we work closely with the competent Spanish authorities, to ensure the effectiveness of this program at the desired scale. In the coming months, we plan to expand these verification requirements to other countries and regions."

The pressure from the CNMV is now directed at the rest of the technology platforms that have not yet agreed to their request: Facebook –and Instagram–, Twitter and Twitch.

The step taken by Google in Spain follows in the footsteps of another similar initiative adopted in the United Kingdom in 2021 and which, according to the search engine, has allowed it to detect "a very notable decrease in reports of ads suspected of promoting financial fraud". Last year alone, the company blocked or removed "more than 58.9 million ads that violated our financial ad policies," explains Escassi.

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