Liberum using TeleWare’s tech for record keeping requirements

Liberum Capital is using TeleWare’s mobile communications recording technology to ensure teams across the bank are compliant with MiFID II.

The investment bank said it using the technology for the record keeping requirements of the recently introduced MiFID II legislation as well as the forthcoming GDPR regulation.

In January, the revamped version of the Markets in Financial Instruments Directive, or MiFID II, came into effect. It demands that all communications are recorded and stored for at least five years. Records need to me made available which are suitable to reconstruct all relevant communications for the regulator within 72 hours.

Liberum had to meet multiple requirements across the business in order to comply with the communications monitoring elements of the directive. Some employees needed end-to-end compliance capabilities, will others need communications monitoring for specific interactions or international compliance capabilities.

TeleWare’s mobile call and SMS recording SIM is fitted within the phone, compliantly capturing all communications with multiple storage and retrieval options. Its newly launched app also allows Liberum employees to separate their personal and professional calls from their own device, recording business related communications when needed. The app runs on any UK carrier SIM and can support the requirements of GDPR in respect of separating personal and business communications.

Steve Haworth, CEO at TeleWare, said: “Liberum came to our partner, Business Systems, with a number of different requirements. Business Systems immediately identified TeleWare’s mobile voice recording suite as the solution. We are the only developers in the market to offer both an in-phone SIM and app solution.”

“Liberum can now enjoy optimum flexibility, in that it can turn both monitoring and roaming on and off as it needs. In addition, with TeleWare’s roaming passport Liberum has an element of predictability over its international costs. An easy, cost-effective way for the business to comply with the communications monitoring element of MiFID II.”

TeleWare, serves customers in some of the world’s leading multinational and local financial and professional services, IT, manufacturing, retail, health and public sector organisations. Today, TeleWare technology is used by one in every three FTSE 100 financial services companies.

Copyright © 2018 RegTech Analyst

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