— Do Financial institutions need to record all phone and electronic communications?
— Will this be done only for compliance?
— Is Fraud also measured?
— Is real-time reporting required?
MiFID II compliance requires that all financial institutions record and archive, for at least five years, all transactions related to the reception, transmission and execution of client orders or when dealing on their own accounts.
Compliance requires that recording is made of transactions made electronically, by phone or during a face-to-face meeting in a financial institutions office.
Since clients are informed that their communication is recorded they have the right to access recordings to analyze any transactions.
Reliably detecting violations and frauds against compliance guidelines is the first requirement for rapid intervention to protect the financial institution and the client itself.
The continual increase in content and conversations that must be recorded and archived presents challenges in identifying extraordinary events. Real-time analysis is key in preventing non-compliance.
Join us and industry peers including Compliance Officers, CIOs and Financial Service Professionals in the upcoming Webinar on December 5th, 2017. You will learn how a time and cost consuming manual analysis of all transactions can be fully automated by adopting speech tech solutions that ensure MiFID II compliance and an optimization of processes and a better use of data collected.
