Global Call Forwarding Call Recording Regulations for Forex Trading and International Banks

Call Recording Regulations for Forex Trading and International Banks

In recent days, compliance regulations and requirements for traders and banks have been expanding dramatically due to leveraged technology and the need for accountability and higher standards. Due to these new regulations, Global Call Forwarding has increased our long-term call recording storage up to 6 years to enable easy access and a trustworthy platform for banks and Forex traders. As a result, these changes ensure that traders, banks, and contact centers are in full compliance with every new regulatory requirement.

recording office screens

Naturally, governments around the world have stepped in to increase regulations to combat ever-widening capabilities of corruption by forcing companies to expand their recordkeeping capabilities via audio. Because traders and bankers are now required to record and archive voice communications, Global Call Forwarding understands the need to have these recordings easily available on demand in the event a dispute should arise. Due to the highly sensitive nature of such calls, we offer the safest security standards. Our platform makes it simple to access and download calls kept in storage with the simplest navigation.

Globally, call recording is becoming required across a multitude of industries for the purpose of record keeping. This is why long-term storage is such a necessary service. Consider the following examples:

  • As of January 1, 2018, the markets regulator Securities and Exchange Board of India (Sebi) has now required stockbrokers to compulsorily keep a record of orders placed by clients from January 1, 2018. This mandate includes phone recordings. This puts the burden of proof on the broker to produce documentation for trade disputes that may be unauthorized.
  • As of August 31, 2017, the FDIC has ruled that banks and other financial institutions must keep recordings (and other documentation) of “suspicious activity” for 5 years from the date of filing a suspicious activity report (SAR).
  • In Europe, under the General Data Protection Regulation, bankers and traders are required to keep recordings or face steep penalties as a consequence. For firms that don’t comply, they can be fined €10,000 per infraction. However, these fines can reach up to a staggering €20 million or 4% of a firm’s annual revenue.

Why Do You Need to Record Your Calls?

It’s obvious that brokers and bankers should take these new regulations seriously and record/ store their calls immediately. Here are a few reasons you should consider:

  • The Price of Noncompliance: As mentioned before, the price of noncompliance can be high. If traders or banks don’t record their calls, they could potentially be hit with significant fines or potentially lose their license. Even for companies that are willing to roll the dice when it comes to avoiding potential audits, the risk of being unable to conduct business is a significant deterrent against not integrating call recording services into your business.
  • Maintaining Your Public Image: In the Information Age, having records and proof is often an essential part of your business. Therefore, call recording needs to be at the forefront of your business strategy. Staying ahead of the curve, and in line with regulations can keep your business away from negative outcomes and any possible disasters that await unprepared banks and traders if they choose not to take the necessary precautions in long-term storage of their calls.
  • Peace of Mind: Even without such regulations, call recording services are an excellent way to ensure that your business is accountable internally. Consider a few of the advantages, including the ability to verify suspicious activity from customers and the ability to ensure your employees maintain accountability for adhering to your company’s standards of ethics.

Quality of Recording Services Matters

Not all call recording services are created equal. Consider the ramifications of having lesser-quality recording services that cannot be trusted when you need them most.

Hypothetically, what would happen if you discover that some of your recorded calls aren’t audible or are missing? By the time that you discover these anomalies, your records may be, in fact, missing thousands of calls. Sometimes, stored calls need to be accessed immediately, and if you can’t trust the storage system, you may run into some serious trouble. By most standards of legislation, not having the recording document is the same as not having made the effort to record them in the first place.

And even if there is an attempt to find the information, many auditors request recorded calls typically within 60 days. With this short time frame, your company may not be able to respond quickly enough to avoid violating the law.

How Global Call Forwarding Can Help

No one wants to lose their license or be fined over a simple mistake. To avoid these possibilities, it is so important that you have a quality service provider that can help you store your calls and provide instant access when you need it. However, we cannot stress enough that this service needs to be top-notch. This is precisely why so many businesses rely on Global Call Forwarding, especially when it comes to call recording for Forex trading and international banks.

Global Call Forwarding’s easy to use technology ensures that all calls required to be recorded for legislation and regulatory purposes are recorded with high-quality content, and are not inaudible. To help Forex traders and banks to comply with these new requirements, we have increased our long-term call recording storage capacity to ensure absolute peace of mind.

In addition to the increase in Global Call Forwarding’s long-term call recording storage capabilities, our platform provides customers the ability to store calls for up to 6 years and access each recorded call with an easy-to-navigate user interface. With only a few clicks, recorded calls can be easily accessed for listening or downloading through a highly secure online control panel. Multiple levels of redundancy ensures safe and secure storage of recorded calls. Best of all, our customers can combine call recording and long-term storage with the ability to reach international markets by utilizing local and/ or toll free numbers available in over 140 countries on our network