Strategies for FCA Compliant WhatsApp Messages & Call Recording

Businesses need to ensure that their WhatsApp messaging and call recording systems are setup to comply with MiFID II regulations. UK firms need to launch effective strategies for FCA compliant WhatsApp messages and call recording. The Markets in Financial Instruments Directive (MiFID II) is a set of regulations that have been put in place to regulate the financial markets and protect investors. In particular, MiFID II has introduced guides to govern the use of WhatsApp messaging, making it essential that businesses take the necessary steps to ensure their systems are in compliance with MiFID II requirements.

MiFID II WhatsApp startegies

Recording and Archiving

This involves setting up proper call recording and logging systems. This is in order to capture all WhatsApp conversations and maintaining appropriate security processes. Furthermore, businesses must also ensure they follow any additional MiFID II guidelines related to using WhatsApp messaging. These are ones like obtaining consent from customers before using it for communication. By adhering MiFID II guidelines, businesses can protect both themselves and their customers.

Encryption and security

Companies should consider implementing appropriate technical and organisational measures. These measure include encryption and user authentication, to ensure the compliance of their WhatsApp messaging activities with MiFID II regulations. In particular, companies should ensure that all client order related messages exchanged through the platform are accessible and securely stored. In addition FCA compliant businesses should apply user access and authentication controls to avoid unauthorised access.

Measuring and monitoring

Furthermore, companies should also make sure they have sound procedures in place to identify, monitor and manage any potential conflicts of interest that occur through their WhatsApp messaging activities. By taking these measures, companies can ensure they remain in compliance with MiFID II regulations.

Training and awareness

Employees should be trained in the importance of data security and privacy when using WhatsApp for business communications. Similarly, it is essential that employees are trained in the importance of data security and privacy when using WhatsApp for business communications.

The best WhatsApp backup and archiving solution for MiFID II compliancy

claireLOGIC’s preferred methodology and technical solution will help you achieve your organisations regulatory obligations. This solution is fully configurable, scalable – and importantly, can be deployed at speed.

Talk to us today about your specific requirements, goals and timescales for implementation and to ensure that your organisation is compliant.

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WhatsApp conversations can now be easily archived with WhatsApp Achiever. This is a great solution for businesses that need to comply with MiFID regulations or wish to archive conversations for corporation or enterprise purposes. The claireLOGIC WhatsApp Instant Message Archiving Solution makes it easy to archive WhatsApp conversations.

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