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Call Recording Regulations

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 …Read More »

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.

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.

recording office screens

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 non-compliance 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

floyd mayweather and conor mcgregor photos

5 Ways Companies Will Use Toll Free Numbers during Mayweather versus McGregor Fight

Mayweather versus McGregor is being dubbed “The Fight of the Century” because of the worldwide anticipation and more than $500 million dollars that will be at stake when the two …Read More »

Mayweather versus McGregor is being dubbed “The Fight of the Century” because of the worldwide anticipation and more than $500 million dollars that will be at stake when the two boxers square off on Saturday night. Advertisers from all over the world will be vying for a slice of the profits, so we came up with 5 ways that companies will use toll free numbers during Mayweather versus McGregor.

Conor McGregor and Floyd Mayweather both know a thing or two about publicity. Floyd Mayweather built the lucrative brand TMT on the platform of his boisterous persona, and Conor McGregor is one of the best trash talkers in sports history. These two athlete-entertainers joined forces to drum up major publicity, and on Saturday, they will finally face off in “The Fight of the Century.”

Companies are salivating at The Fight of the Century’s lucrative earnings potential and they will use a variety of techniques to advertise during the fight. We know that companies will use toll free numbers for several key purposes during McGregor versus Mayweather.

  1. Order Mayweather versus McGregor by calling your provider toll free

Fans in America can order The Fight of the Century by calling the toll free number of their TV provider. Almost every major TV provider offers a toll free number so their customers can conveniently call them. Offering free calls is a nice gesture of customer service and it practically invites customers to call. Find out what exactly toll free means.

Mayweather versus McGregor costs $89.99 for standard definition and $99.99 for HD in the United States. TV providers will surely see a lot of traffic on their toll free lines during Mayweather versus McGregor, as fans will be calling in throughout the day to order the fight.

Below are the toll free numbers of several major TV providers showing the fight.

  • Showtime: +1 866-352-7138
  • Comcast Xfinity: +1 800-XFINITY (934-6489)
  • Verizon Fios: +1 800-837-4966
  • COX: +1 866-272-5777
  1. Calling your sports book toll free

Mayweather versus McGregor will be the most-best on boxing event ever in Las Vegas, according to ESPN. Floyd Mayweather is a heavy favorite over Conor McGregor and as it stands, Bovada is only paying out 18 cents for every $1 waged on a Floyd Mayweather Victory. In other words, Bovada has Floyd Mayweather is a -450 favorite, while Conor McGregor is an underdog at +325.

Sports books and gaming websites use toll free numbers for a few reasons. The first reason is that customers like to call their sports book over the phone for support. It’s a fact that when it comes to money and transacting online, people prefer dealing with trustworthy and accessible businesses.

The second reason why gaming websites use toll free numbers is to conceal their location and project a virtual presence in another country. Due to the nature of the business and industry regulations, certain gaming websites will prefer to show a virtual phone number in a different country.

With significant action on the Saturday’s fight, thousands of people will be placing toll free calls to their sports books.

  1. Advertising during the fight

Corona is the main sponsor of Mayweather versus McGregor and their logo will be all over the place, including in the center of the mat, on the ring girls and in broadcasts. Corona has a toll free vanity number for customers to call. BodyArmor will also have a prime placement during the event.

Individually, Hublot is sponsoring Floyd Mayweather and their logo will appear on his waistband. Mayweather has also capitalized on the recent publicity to promote his daily fantasy sports website DRAFT and his strip club Girl Collection.

McGregor, on the other hand, has agreed to sponsorship deals with BetSafe, which is a gaming website, and Monster Energy drink. BetSafe offers customer support through a local UK phone number, and Monster Energy provides a US toll free number.

Conor McGregor has also capitalized on the massive publicity to promote his proprietary 12-week conditioning program called F.A.S.T., a tooth whitening kit called Hi Smile, and his personal lifestyle brand “Notorious.”

Advertisers during Mayweather versus McGregor are going to use toll free numbers to make themselves more reachable to their audience by phone. Viewers can call the advertising companies for free and get connected to the business.

  1. T-Mobile Arena (owned and operated by MGM Resorts International)

Saturday’s Fight of the Century will take place at the T-Mobile Arena in Las Vegas, which is owned and operated by MGM Resorts International. Callers can reach MGM Resorts International by dialing the company’s toll free number +1 800-360-7111.

  1. Hotel booking hotlines in Las Vegas for the fight

Fanatics will be coming to Las Vegas from all over the world to watch Mayweather and McGregor box each other. Las Vegas is a tourism hotspot, and the hotels are likely gearing up for an increase in visitors.

Most major hotel chains offer a toll free number that customers can call to book a room, and these lines will certainly be busy ahead of Saturday’s event.

Here are the booking hotlines of several popular hotels in Las Vegas:

  • Aria Resort & Casino: +1 866-359-7111
  • MGM Grand Las Vegas: +1 877-880-0880
  • Bellagio: +1 888-987-6667

While they will likely receive a lot of traffic during the Mayweather versus McGregor boxing match, toll free numbers are not a new concept. In fact, they have been around since 1966. We invite you to learn more about the history of toll free numbers  and encourage you to reach out to us if you would like to gain a better understanding of how companies are using them.

Who do you think will win ”The Fight of the Century” on Saturday? Can you think of any other ways that companies will use toll free numbers during the Mayweather versus McGregor boxing match?