Comply with the SFC regulatory requirements for electronic communication capture, storage and monitoring
Hong Kong Securities and Futures Commission (SFC)
SFC’s guidance on capture of voice calls, instant messaging and other mobile communications includes: Centralized record-keeping; Security and reliability; and compliance monitoring. SFC also enforces regulations that oblige financial companies to record mobile messages, and capture voice calls, and other types of mobile communication.
Read our extensive coverage of SFC here , and the full SFC Keeping of Records Rules here
SFC key controls and procedures for Receiving Client Orders through Instant Messaging
“receipt of client orders through instant messaging (IM) … store and back-up order messages … put in place written policies and procedures for the use of IM applications … make sure clients understand the potential risks of placing orders through IM applications.”
Read of the full text from the Instant Messaging (IM) Application Circular here
WeChat and WhatsApp requirements for enabling compliant business communication
“As work-from-home arrangements are activated … employees … turned to personal messaging applications (e.g. WhatsApp and WeChat) in order to discuss business issues with their regular bank contacts … all business communication … all business communication histories
can be recorded for audit and compliance purposes … ensuring banks’ compliance with regulatory reporting and other regulatory requirements.”
Hong Kong Monetary Authority SFC Market Watch key developments in mobile communication regulation due to Covid-19 here