What is MiFID II?
MiFID II legislation came in to force on 3rd January 2018 for regulated companies in the financial services sector. When MiFID II becomes law, those companies affected will be required to adhere to a set of requirements when conversations are recorded.
MiFID II compliance expands the need for comprehensive recording of transactions between the company and client, irrespective of whether the transaction has led to the sale of services.
MiFID II requires deeper record keeping across ALL client communications. This includes any exchange between company and client that could lead to a transaction, including face-to-face meetings, SMS, instant messaging and email – not just telephone conversations. All transactions must be recorded in detail, in a durable medium and stored for up to seven years, to provide unquestionable evidence should a dispute occur.
Can iCall Suite Call Recording Facilitate MiFID II Compliance?
iCall Suite connects to a wide range of business communication systems and is deployed to record voice calls that are routed via the Suite recording server. The new legislation, when applied to the recording of interactions, must adhere to the following criteria:
- Capture and store all communications in high quality: It is advisable for recordings to be encrypted and recordings must be secure and held in a high-quality format.
- Retention of call recordings: Recordings must be time-stamped and indexed with effective tags. Call recordings must be kept for up to 7 years.
- Retrieval: The call and its associated data (time-stamped and identified to a regulated person) must be quickly accessible. It should be possible to easily reconstruct a sequence of conversations and interactions in a timely manner. Call recordings should be retrievable by criteria such as caller, recipient, date and time.
- Notification: The caller must be informed that their conversation is being recorded*.
*The caller must be made aware that the call/interaction is being recorded. This can be achieved through messages in the auto attendant or by the caller being informed by the agent that answers the call. This is a PBX or employee function and not one of a call recording device.
iCall Suite Call Recording can help facilitate MiFID II compliance.
Find out how we can help today.