Telephony provider BT has teamed up with mobile phone operator Truphone to offer Dodd-Frank Act-compliant telephone recording services.
The oral recordkeeping requirement of the Dodd-Frank Act means companies doing business in the US covering regulated trading activities must record all communications linked to a trade, including mobile phone calls.
BT has estimated that 50,000 to 70,000 people in the US could be covered by Dodd-Frank. The deal with Truphone will leverage BT’s experience in voice recording in the UK, where traders’ phone calls have been recorded for many years, to roll out a recording service in the US market.
To use the service, users need to acquire a Truphone SIM for their mobile device. Recorded conversations are stored in a cloud-based environment and can be searched and retrieved to help financial firms meet their compliance needs.
Tom Regent, president, global banking & financial markets at BT, said: “As the Dodd-Frank Act and future regulations come into force, financial services institutions need technology partners who can act as a safe pair of hands to help them navigate successfully through the compliance maze and in a timely manner.”
Call recording is intended to help firms monitor all forms of trading communication to help tackle insider trading and other inappropriate communication that could adversely affect markets.