TeleMessage allows Traders to communicate with customers and others from their mobile:
✔ Full audit of trade details
✔ Execute transactions with greater assurance
✔ Integrate with trade signal broadcasts
✔ Stay compliant with regulations
TeleMessage equips market traders with a compliant mobile archiving solution designed to capture and retain all their WhatsApp messages – helping them achieve 100% compliance with the electronic communication retention requirements of FINRA, SEC, and IIROC.
WhatsApp messaging is considered one of the best channels for traders that are always on the go. When captured and recorded, it can provide market traders with the data they need to establish stronger relationships and provide accurate advice to their clients, which is especially the case since a large number of people use WhatsApp both for personal and business use. For trading firms, having a robust mobile archiving strategy for WhatsApp messages is also vital to monitor the traders’ activity and identify any possible issues of non-compliant behaviors closely.
Monitoring activity is essential since there can be times when traders start trading dirty jokes, stolen shots of unsuspecting employees, and confidential data with other people. Most people use WhatsApp since it’s an encrypted messaging service that’s virtually untraceable to a company’s HR and other investigating parties, despite authorities’ best efforts.
In line with this, TeleMessage helps trading companies and market traders with their clients through WhatsApp messages with zero risks of non-compliance with mobile WhatsApp archiving laws and regulations relevant to their business operations. Bosses also won’t be ignorant about their employees’ IM chatter.
With 97% of Americans and 70% of organizations using WhatsApp messaging for personal and business purposes, it is indeed imperative for traders to use this platform as the means to engage with their customers and stay competitive. Preventing traders from using WhatsApp may eliminate non-work-related communications, but it would also limit their productivity since most of their clients are regularly using such platforms. The ban would thus reduce the operational efficiency of the organization, and expose them to compliance risks at large scale.
WhatsApp archiving is important for trading firms because it ensures that its traders would not be conducting any illegal activities through the encrypted messaging platform. Since many people use WhatsApp for non-work-related conversations that could, at times, include inappropriate or illegal content that violates a company’s rules, having a robust archiver facilitates more efficient and comprehensive investigations.
Besides retaining potentially illegal communications data, having a robust archiver also lets traders review past communications data about possible transactions with clients, resulting in better customer engagement monitoring by the company. Possessing a WhatsApp archiver is thus a key component in regulatory compliance.
Advisers are required under Advisers Act rule 204-2 to keep certain books and records – including electronic communications such as text messages and chat logs, especially in light of the 2019 SEC OCIE Risk Alert
“… requires the recording of the telephone conversations and any electronic communication… including amongst others video conferencing, fax, email, Bloomberg mail, SMS, business to business devices, chat, instant messaging and mobile device applications.”
TeleMessage’s WhatsApp Text Archiving for Traders can help:
- ✔ Capture all work-related WhatsApp text messages – regardless of device ownership, carrier, or device platform.
- ✔ Retain all unstructured mobile content accessible in one uniform archiving database, allowing for faster response during a regulatory request, and more efficient internal audits.
- ✔ Produce necessary records of captured WhatsApp messages for eDiscovery more efficiently.
- ✔ Provide an audit trail to regulators to prove compliance with the relevant record retention requirements.
- ✔ Lower cost of database maintenance by allowing firms to store their archived WhatsApp text messages in their preferred email archiving vendor.
- ✔ Monitor employee communication effectively to identify non-compliance with industry standards and company policies, such as inappropriate client conduct, illegal trade activities, and workplace harassment and bullying.
- ✔ Improve employees’ productivity and morale by allowing them to send WhatsApp text messages to their colleagues and clients, which is much quicker than sending emails and but not as intrusive as making phone calls.
TeleMessage captures and retains mobile SMS, as well as MMS, voice calls, emails, WhatsApp Chats, and other mobile content. Messages are securely and reliably kept within TeleMessage servers or forwarded to an archiving data storage vendor of your choice.
Our mobile archiving products securely capture content from mobile carriers and mobile devices for a variety of ownership models (BYOD, CYOD, and employer-issued). With our multiple archiving solutions, you can always find the right tools or blend for your requirements:
We’ll show you how to archive BYOD and Corporate phones!
Our platform allows for compliant enterprise-wide archiving solutions for financial services:
Financial Services — Supporting Broker and Dealer SEC compliance and FINRA retention requirements
Investment Advisors — SEC regulations
Futures & Transfer Agents —NF & SEC recordkeeping and oversight obligations
Lending Compliance — For with the FFIEC, Fair Lending Laws, Truth in Lending Act or the FTC’s rules on Unfair, Deceptive or Abusive Acts
Investment Dealers (Canada) — Complies with IIROC Rules and Notices and National Instrument regulations
Investment Advisers (UK) — MiFID II compliant
and more…