How to record WhatsApp Calls in line with MiFID II regulations
Introduction and risks
Compliant WhatsApp call recording: Over time, many regulated businesses have discovered that customers – and customer facing staff alike are leaning towards sending important information via WhatsApp. Whilst this has its benefits, it opens organisations up to a plethora of FAC compliancy violations.
Nowadays, it is common to use WhatsApp as a way of sending information. However, there are major security risks for both the organisation sending the message and their clients, including:
- The risk of messages being intercepted by third parties
- The fact that messages can be deleted and not saved on the recipient’s phone
- No means of central backup or orderly retrieval of messages, calls and documentation
- The risk that data can be misused by other users who have access to your phone number
- The fact that messages are not encrypted so they could be read in transit by people other than the intended recipient
In order to protect consumers, regulators have introduced a set of criteria to govern the use of WhatsApp (and other instant messaging services). In the UK, this regulation is called MiFID II and is overseen by the FCA.
What is MiFID II?
MiFID II is a set of broad regulations that came into effect on 3 January 2018. It is a set of regulations by the European Union that aims to regulate European markets and help investors make better decisions.
The MiFID II law aims to:
- Increase market transparency and investor protection
- Enhance the efficiency of financial markets
- Ensure fair and orderly trading conditions for market participants
- Strengthen the EU as an international financial centre
Within MiFID II includes the requirements for recording conversations with consumers – using various means, including WhatsApp.
Requirements for Recording Conversations with Consumers Under MiFID II & The FCA
The Financial Conduct Authority (FCA) is the UK’s regulator for financial services and markets. Moreover, they have set out a series of requirements for firms who record conversations with consumers, as well as how they should store these recordings. Compliant WhatsApp call recording needs some planning and thought.
These requirements are set out in two documents: the FCA Handbook and the FCA Guidance on Recordings. In addition to this, the FCA Handbook sets out what firms should do if they want to record interactions with their customers, while the FCA Guidance on Recordings gives more specific guidance on how to comply with these rules.
How to Record and store WhatsApp Calls and Messages?
Our WhatsApp backup service lets you record and store your WhatsApp messages and calls. It is a reliable way to store your data from the messaging app in case of any data loss or deletion. The application automatically backs up messages, call recordings, photos, as well as videos on your phone. It also offers support for group chats, Voice over IP (VoIP) calls, and video calls – recording the audio side of conversations.
Furthermore, The application is available for Android as well as iOS devices. You can install this solution on multiple devices at the same time. It an ideal solution for people who use more than one device.
This is a robust solution for compliant WhatsApp call recording – enabling organisation to be MiFID and FCA compliant.