Whilst the New Years resolutions start to disintegrate as the spring finally breaks through, there is one change that came into play in January that should not be dismissed. MiFID II regulations began with full force at the start of the year igniting the flame within financial compliance that is expected to set the whole industry ablaze with an everlasting flame.
MAKING SURE YOU TICK THE BOX
The key point of the MiFID II regulations is to be able to forensically reconstruct the conversations that have been held, what was said and when. This can stretch across different elements that need to be pulled together when called upon for internal or external investigations, choosing the right solution to do this is extremely important. Financial institutions must keep records of all services, activities and transactions undertaken including recordings of telephone or electronic communications. Such telephone conversations and electronic communications shall also include those that are intended to result in transactions. Furthermore, the records kept must be provided to the client involved upon request and shall be kept in a durable medium for a period of five years and, where requested by the competent authority, for a period of up to seven years
LOOKING OUTSIDE THE BOX
The deadline has now passed and organisations must act now if they haven’t already done so. Firms are encouraged to dedicate time to a strategy that not only addresses all the compliance requirements but to also look into maximising the collected data, gaining further ROI with actionable intelligence from the chosen compliance solution. Here at Natilik we believe in finding that silver lining and in every compulsory regulation change, a new opportunity arises to leverage valuable insight and data, internally and externally, better serving the business across multiple departments. MiFID II gives direction across the board regarding communications regulations including; retrieval, monitoring and review alongside the key recording and storage. But the fun doesn’t have to stop here, there are many tools that can utilise this newly captured data such as sentiment analysis, fraud management and anti-money laundering platforms.
LOOK INSIDE THE RED BOX
We have teamed up with Red Box Recorders with their exceptional experience in the recording compliance space. With their 3 step simple process Red Box Recorders take the panic and pain out of MiFID II and align with Natilik as the confident choice for the financial industry. With 99.999% assured recordings and the ability to capture communications across back office, front office and mobile, Red Box Recorders offer that high level of reassurance that allows every compliance officer a peaceful nights sleep.