The devastating impact of the 2008 economic crisis on the global financial markets led to the passing of various legislations to protect consumers, improve transparency in the financial system, and prevent systematic abuse. The most prominent legislation was the Dodd-Frank Act in the United States, which requires financial institutions to record all communications. And while this act was created for the U.S. markets, it has implications for businesses dealing with U.S. organizations as well. Regulatory authorities in Europe and U.K. followed suit, including Hong Kong and Japan, and with more regulators in Asia Pacific now considering introducing similar legislations. Compliance with these regulations and fair trade practices require financial institutions to record and monitor all types of communications related to the execution of trades. Since most traders and bankers conduct business on the move today, and mobile compliance has become a key element to such regulations, communication service providers (CSPs) have integrated mobile compliance solutions into their networks, providing them as a service to financial institutions.
This IDC Technology Spotlight explores these mobile compliance regulations and how StarHub’s Compliance Mobile Recording can help enterprises overcome the challenges around mobile voice recording.
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