Why You Should Not Use WhatsApp if You Need Your Calls Recorded
Mobile devices carry an ever-growing percentage of communication around the world. Not just for our personal use, we now also see apps being increasingly used by companies in sectors such as financial services, government, healthcare, and education. Because of its prominence in the working world, it only makes sense for there also to be mobile phone recording requirements that need to be met in industries where sensitive information is exchanged.
In Singapore, call recording requirements are being implemented by the Monetary Authority of Singapore (MAS). It is a guide that shows companies what they need to comply with and adhere to record communication. These requirements should be particularly taken note of by financial institutions because it hopes to improve controls and facilitate investigations in market abuse cases. The absence of information and delays associated with the retrieval of information on individuals who own or control trading accounts have impeded investigations into market abuses. Therefore, keeping records of calls has been implemented by MAS as a way to combat this.
WhatsApp is the go-to application used for this purpose in most financial institutions. However, since the app serves its primary function as a means for communication, it might not be the best choice for call-recording for business purposes, as companies will have to comply with the General Data Protection Regulation (GDPR). These are conditions set by Facebook, and companies using WhatsApp Business as a tool for client communications.
Read on to find out the many requirements for call recording and archiving implemented by MAS that your call recording application should adhere to now.
All communication between trading representatives and the person instructing the order and trades (O&Ts), including those done on personal devices, need to be recorded. According to MAS, calls and other conversations of Market Participants are crucial in investigating and resolving any differences and disputes.
Employees are allowed to use their personal devices as long as they can capture and retain text messages, chats, voice calls, and other mobile communications. To keep with the PDPA laws, Market Participants will have to inform counterparties and clients that the call is being recorded. Proper call records and documentation need to be kept for at least two months and access to messages have to be strictly controlled to keep records confidential. Since WhatsApp messages and call logs can be deleted by users, it is not a foolproof method to keep call records for tracking purposes.
While a WhatsApp archiver allows firms to monitor phone calls and chats and ensures that market participants stay compliant with regulations, it is not the best method for traceability, auditing, record keeping and access control. This is because devices used to access WhatsApp might not be secure enough to protect the personal data of clients.
Financial institutions need to provide information on ultimate beneficial owners or UBOs of orders and trades or O&Ts executed in omnibus accounts to MAS or other law enforcement agencies**.** It's proposed that Financial Institutions record all communications, including WhatsApp conversations in personal devices, between the trading representative and the person instructing the O&T. These records have to be kept for 5 years. Despite its shortcomings, WhatsApp Archiver is able to retain chats and calls for this purpose.
Velox VoIP - a More Secure Way to Record Calls
Since MAS has set these requirements to curb market abuse, financial institutions need to comply. The best way to go about it would be to do it securely. Velox VoIP services provide you with just the way to do that. Since all calls are recorded centrally on Velox, traders will not be able to manipulate information and call records, as compared to WhatsApp call recording, which allows traders to delete records. Furthermore, Velox's call services are also more secure as data will be stored securely. WhatsApp, on the other hand, does not keep data safe as it is not encrypted.
WhatsApp call recording is also not as seamless as Velox's services since the former is not compatible with iPhones and can only be used on Android phones with the use of third-party applications, which can increase the risk of data leaks.
These regulations put in place by MAS are part of a broader effort to enhance surveillance and risk management practices for financial institutions in Singapore. Find out how you can ensure compliance with Velox's VoIP services today.