08:58 AM EDT, 10/09/2024 (MT Newswires) -- Alphabet (GOOG, GOOGL) subsidiary Google's ( GOOG ) announcement that it would introduce new verification requirements for advertisers promoting financial services on its platform in several countries was praised by the Bank of Ireland late Tuesday as "a positive step."

Google ( GOOG ) on Tuesday introduced new requirements for advertisers promoting financial services in Ireland, New Zealand, South Korea, and Thailand, effective Nov. 7.

Financial services advertisers in those countries must first undergo verification through an external compliance partner, G2, and then apply for financial services verification with Google ( GOOG ).

"Advertisers must demonstrate that the relevant financial services regulator directly authorizes them to undertake financial services activities or that they are exempt from that requirement," Google ( GOOG ) said.

Bank of Ireland said it has called for stricter rules on online advertising for financial products and services to protect consumers and businesses from fraud.

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