Global Mobile SMS & Voice Recording Regulations  

The rise in financial regulations and requirements for rigorous and persistent record-keeping means that all financial communications are in the regulatory spotlight on a global basis. One of the most challenging aspects of this requirement is mobile communication. 

It's now very rare that any transaction in any industry doesn't at some point involve communication a smartphone. It's therefore no surprise that more and more financial regulators are compelling regulated organizations to record mobile voice, SMS and data-based interactions. 

MIFID II, Dodd Frank & APAC 

For instance, in the EU, the second Markets in Financial Instruments Directive (MIFID II) came into force on January 2018, mandating the recording of mobile calls and SMS messages. This implemented rules already in place in the UK since 2011, and in the US, the Dodd Frank Wall Street Reform Act of 2010 already mandated similar action.  

This rapid regulatory expansion created a unique challenge for global finance organizations who, by their very nature, require a ubiquitous solution that supports multiple regulations across their global estate. 

Recording instant messaging was a particularly major issue, as so many financial institutions were migrating away from the once-popular BlackBerry phones, whose backend BES server could easily record all SMS messages. So new solutions were needed. Happily, 1GLOBAL's service had the answer and with an innovative (and patented) twist. 

Compliance without compromise 

The nature of 1GLOBAL's unique, centrally controlled global network means that it was (and is) the only mobile operator that could efficiently and effectively address this global challenge. As a result, 1GLOBAL clients now include ten out of twelve of the world's largest investment banks. 

One of the biggest challenges around the compliant recording of a mobile device was that the device can, at any time, be anywhere on the planet. 1GLOBAL recognized that innovation was necessary because of the importance of call clarity, irrespective of location. 

The trombone effect 

Mobile call recording regulations mean that if the regulated user is conducting business overseas the call may have to be looped over several thousand miles to a voice recorder in the regulated jurisdiction of the roaming user on the other side of the world. This "tromboning" of the call results in in-call latency, making it impossible to conduct a normal conversation and possibly even invalidating the compliance.  

1GLOBAL solved this problem with a patented recording technique that is sensitive to the regulations applicable to the calling parties. The patent, for "anti-tromboning" technology as part of its 1GLOBAL Mobile Recording solution, prevents a call from being sent around the world for recording even if the record has to be held in a particular jurisdiction. 

No roaming costs 

For instance, two New York bankers who happen to be in London arranging a transaction over their mobiles will need to be recorded in New York, per Dodd Frank rules. The 1GLOBAL technology enables this by allowing the call to travel the shortest distance with no roaming costs or latency, while sending a duplicate leg of the call to the financial institutions existing US call recording infrastructure or to 1GLOBAL's secure global cloud for Dodd Frank-compliant recording. 

This technology continues to ensure that the optimum local mobile network call quality is available to users, while full regulatory compliance is supported. It's a no compromise win-win solution. 

Talk to us today about how 1GLOBAL can help you easily and securely meet your regulatory obligations, starting here.