If you are a financial services company, then you must have heard of the Dodd-Frank Act. It’s important to note, the Act is a complex set of rules and regulations that can be a little difficult to understand. Here we will look specifically at call recording compliance under the Act.
Dodd-Frank Act: The Basics
The Dodd-Frank Wall Street Reform and Consumer Protection Act — Dodd-Frank in short — came into effect in 2010 through the Obama administration. Named after sponsors Sen. Chris Dodd and Rep. Barney Frank, this set of regulations and restrictions was created as a response to the 2008 financial crisis which saw the fall of many large financial establishments. Due to the crisis, investment banks, commercial banks, government-sponsored companies failed and needed government support to recover. And so, the Dodd-Frank Act works towards protecting financial institutions from possible failure.
Call Recording Compliance Requirements
To do so, it lays down rules and restrictions that financial institutions of any kind ought to follow. These regulations aim to:
- Increase transparency and promote stability
- Protect taxpayers by putting an end to bailouts
- Change the idea that any institution is “too big to fail”
- Protect clients and customers from receiving fraudulent and abusive financial advice.
As stated, the intent behind the Dodd-Frank Act is to encourage financial services companies to keep records of transactions and by extension, protect consumers. And these regulations apply to business communications as well. They ask financial businesses to track and record communications between the company and its clients. Call recording regulations under the Act require institutions to:
- Record conversations across all communication mediums, that is phone, text, email, video, etc.
- Store records for a duration of the transaction and five years after
- Timestamp all records
- And organize all records to make them easily accessible
With these regulations, finance-related transactions and correspondences are monitored and banks become more responsible for their behavior.
Do You Need to Comply With These Laws?
What such a reform tells us is that businesses, big or small, can incur damages and take a downward path. And a way to protect or assist these businesses is through record-keeping and transparency. So, if you are a financial services company, like a commercial or investment bank, it is recommended that you invest in call recording for your office communication system and record all incoming and outgoing calls. Make sure you are aware of local and state laws regarding consent for recording calls.
How To Record Calls
There are a few different ways you can record calls. You can either get a recording device, record through a computer app, or get the tool from your phone service provider. For example, many companies use a virtual service provider for their business communications. And such services come with added features and tools like call forwarding, SMS capabilities, and of course, call recording.
Using a recording device or your computer is a good idea. However, these may not provide enough storage space to store all recordings. And high-quality recording equipment does not come cheap. This is why cloud-based solutions exist. The call recording service from Global Call Forwarding is cloud-based and records 100% of incoming calls. You can adjust this setting to a percent, if you prefer. Additionally, you can also get outbound call recording for your outgoing calls. Store recordings as MP3 files and access them in the future. Additionally, you can set them to be stored for as long as 6 years.
Start Recording Calls
Ready to get call recording for your bank today? You can do so easily with Global Call Forwarding, just follow these steps:
- Visit our homepage https://www.globalcallforwarding.com/ to sign up.
- On the left-hand side, follow the prompts to select a new number or port your existing business number.
- Then, on the right side, enter contact information for where you want to forward your calls.
- Click on “View Rates.”
- Look through the different plans available and pick one.
- Scroll down to see additional features that you can add to your plan. Select “Add Call Recording.”
- Scroll further to add your information, accept the Terms and Conditions, and complete your purchase.
- You now have a business phone system with call recording.
Add Call Recording to Your Business Phone System Today
Keep your bank safe from fraudulent or inappropriate activity by complying with the Dodd-Frank Act and recording important transactions. To learn more about call recording, contact us today!