Global mobile network provider Truphone has linked up with compliance specialist NICE Systems, as tough rules on telephone recording extend across the world.
A partnership between Truphone and NICE will provide users of Truphone services with solutions for compliance with international cellular record keeping requirements.
The UK’s regulator the Financial Conduct Authority has taken the lead on telephone recording requirements, extending their use to mobile phones and the US Dodd-Frank Act is mandating similar strict record keeping over the Atlantic.
“Recent years have seen much greater use of mobile devices on trading floors, meaning it’s vital to be able to record those calls and store them in a searchable format,” said Yaron Morgenstern, general manager of financial markets compliance at NICE.
Truphone’s integration with NICE is intended to help future proof its customers as the kind of regulatory regime present in the UK and US begins to extend further across the world. The network operator is present in over 200 countries worldwide.
“The FCA has really been the pioneer in the this space but now other regulators are also looking at voice recording and the use of mobile devices for compliance so you if you’re operating globally you need to be getting ready for this,” added Morgenstern.
As part of MiFID II, voice recording requirements will be extended to continental Europe for the first time, including mobile devices. Several countries in the Asia Pacific are also currently investigating the use of voice recording capabilities to improve compliance and more closely monitor traders for potential market abuse.
NICE’s systems will enable Truphone users to store and analyse data from mobile phone calls across front, back and middle office functions, as well instant messenger and data communications on both fixed line and mobile devices.