In 2020 banks were fined over 14.2 billion dollars globally for non-compliance. This included violations of Anti-Money Laundering (AML) rules, Know Your Customer (KYC) checks and operating guidelines. As financial regulation increases to ensure the safety and security of the financial system and protect consumers, financial institutions must consider how they can best protect themselves from compliance related fines, using the latest technologies and automations.
Voice recording is a crucial component of the Regulation Technology (RegTech) ecosystem to help the finance industry monitor compliance. For example, being able to retrieve voice recordings for a compliance request, audit, or customer dispute, quickly and efficiently.
As compliance monitoring requirements become stricter, impacting more processes, with attention on comprehensive and accurate data, financial institutions need to ensure their voice recording infrastructure can deliver these requirements. In the UK, the FCA has recently reinforced the need for firms to record all their voice and video interaction, regardless of source or device, with a particular focus on working from home.