Home Markets Call recording compliance outfit Truephone enters French market

Call recording compliance outfit Truephone enters French market

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Since January 1, 2018 MiFID II demands that financial institutions capture and store all audio and text communications that could relate to a transaction, regardless of whether one ultimately occurs or if the communications are via mobile phone, fixed line or video call.

The vast majority of French financial market participants have failed to address this regulatory requirement, mainly because of the lack of conviction in the commonly applied technical solutions and also due to the perceived clash between MiFID II / MAR and GDPR and workers’ responses privacy. French compliance teams, therefore, have become wary of the blanket imposition of voice recording and monitoring.

While privacy is crucial, the low adoption of mobile recording policies and systems in France’s financial markets is in danger of compromising the security of the global banking community. In most other major financial hubs, regulatory bodies are resolute…

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