EMEA | Financial services

Banco de España - Circular 2/2016

The Banco de España supervises credit institutions and financial entities in Spain. The Banco de España is responsible for safeguarding the stability of the financial system, preventing significant disturbances in the banking sector and verifying regulated entities compliance with banking regulations.  

The Banco de España issued Circular 2/2016, which sets out the minimum requirements that Banco de España expects regulated entities to meet when outsourcing. Circular 2/2016 provides specific guidance on risk management, concentration risk, data locations, due diligence, monitoring the service, audit, termination, transition, sub-contracting, business continuity and security.

Google Cloud’s contracts for financial institutions in Spain address the requirements in Circular 2/2016. We have also created mappings to the guidelines for both GCP and Google Workspace to assist you with understanding how we can support you with meeting the requirements and assess us as an outsourced service provider. Google Cloud is committed to addressing these requirements regardless of how financial institutions choose to use our services.


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