Banco de Portugal
The Banco de Portugal regulates and supervises credit institutions, financial companies, and payment institutions in Portugal to ensure that the funds they were entrusted to hold are secure.
Banco de Portugal issued Circular n.º CC/2019/00000065 (“Circular Letter”) underlining the importance for institutions to adopt strong outsourcing practices, including the need to ensure contractual rights of access, information, and auditing that allow for both adequate control by institutions and, if necessary, the provision of information to Banco de Portugal. In this context, Circular n.º CC/2019/00000065 requires institutions subject to the supervision of Banco de Portugal to comply with the EBA Outsourcing Guidelines.
Google Cloud’s contracts for financial institutions in Portugal address the requirements in Circular n.º CC/2019/00000065 and the EBA Outsourcing Guidelines. We have also created mappings to the EBA Outsourcing Guidelines for both Google Cloud 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.