Since the implementation of the Markets in Financial Instruments Directive II (MiFID II) in 2018, financial enterprises across the European Union have been mandated to record telephone conversations and electronic communications (TCEC) when employees interact with stakeholders.
After more than a year of implementing the MiFID II, many financial firms still struggle to upkeep regulatory compliance to communication recordkeeping.
The new law requires MiFID call recording to be done in a format that ensures the audio data’s quality, accuracy, and completeness. However, a significant number of professionals in this sector remain unaware of this mandatory requisite and often fail to address due diligence.
Apart from mobile SMS and voice calls, the new legislation also obligates financial institutions to capture and record communication conducted over WhatsApp. Most enterprises use this mobile communications app to provide stakeholders an easier means of messaging. However, its end-to-end encryption feature challenges firms’ abilities to archive their employees’ WhatsApp messages.
Some have resorted to banning the app in the corporate setting. However, this decision is often disadvantageous for the institution as it hinders employee productivity and undermines the MiFID II provisions for fairness and transparency.
Financial establishments must find the right solution to help them with regulatory compliance without compromising their operations’ quality.
TeleMessage provides financial enterprises a solution that can safely and securely record TCEC and archive them as mandated by the MiFID II. With the TeleMessage Mobile Archiver, firms can overcome the mobile archiving compliance obstacles listed in the following infographic.