No one would want their details to go public without consent. Businesses must keep recorded communication safe from foreign intervention.
In each country, the government imposes rules and regulations based on their respective data privacy laws implemented by regulatory commissions to assure companies will protect the user’s confidentiality and be transparent if needed.
The United States-based Securities and Exchange Commission (SEC) mandates financial firms, through SEC Rule 17a-3, to keep track records of phone calls and SMS messages for their business activities, and failure to comply will result in disciplinary actions.
As a regulatory requirement, Financial Industry Regulatory Authority (FINRA) and National Futures Association (NFA) members should archive their calls or chats during transactions with customers for monitoring.
Investment Industry Regulatory Organization of Canada (IIROC) Rule 29.7 requires firms to retain records of all their business transactions for five years since their official run. Besides, companies should also archive their written business communications for two years as the association may check them at any time.
The Singapore Monetary Authority of Singapore (MAS) Blue Book outlined policies businesses must conform and associate with their operations. Various sections of the rule book specified the legality behind recording mobile phone calls and other related conversations and penalties for non-compliance.
Businesses governed by the United Kingdom Financial Conduct Authority (FCA) must follow text messaging regulations. FCA regulates financial firms by obliging them to store their communication data ranging from text messages and phone calls for seven years.
Recording communication compliance for businesses takes time, effort, and patience. It also needs an additional workforce and adds a burden to your employees. The rise of mobile instant messaging (IM) applications like WeChat, WhatsApp, and Telegram may help you retain text or call records more efficiently than the traditional approaches.
If you want to know more, check this infographic by TeleMessage.