For the past year, the Markets in Financial Instruments Directive II or MiFID II has placed a lot of difficulties for financial firms in terms of compliance. These directives were made for financial firms to record their communications with their financial advisors, sales personnel, and clients. These requirements include mifid call recording and other forms of mobile conversation recording for security. However, 40% of financial firms have been non-compliant with these matters for a few common reasons.
One of the many reasons why firms are not able to comply is the difficulty to maintain a unified archiving system. These new rules and regulations require financial firms to record and store up to seven years of conversation. With all the tools being used to communicate, this task is easier said than done, as all file formats are required to be kept secure. It’s a good thing that Telemessage offers these types of services to ensure that companies remain compliant in the midst of these difficulties.
It has also been a challenge to make conversations in WhatsApp MiFID compliant. WhatsApp or even other forms of mobile communication use end-to-end encryption, so many financial firms struggle to use a software or technology that enables them to easily capture and record their employees’ WhatsApp conversations.
To learn more about these difficulties and how to overcome them, you can read this infographic by Telemessage.