Call Monitoring Program – Essential Elements For Effective Compliance

Numerous financial services institutions often disregard regulatory monitoring components. Some entirely neglect it, while other firms do not have the proper equipment. However, failure to capture voice calls and archive text messages should not be a case. It should be part of their compliance ordinances when structuring a finance company. One, because Financial Conduct Authority (FCA) and the Markets in Financial Instruments Directive II (MiFID II) are the compliance officers requiring corporations to accomplish mobile monitoring. Apart from that, these companies are safe from hackers and scammers’ threats. 

Fortunately, there are essential constituents that financial corporations can utilize for a much more convenient call monitoring adherence.

  1. Enhancing Lexicons for Abundant Voice Call-Based Trades.

Many marketing activities occur through phone calls. Some financial firms label these records with specific keywords and phrases that detect suspicious conversations. Creating a list to prevent employees from doing illegal activities might help. Nonetheless, making a list with 15 clarified keywords is much better. Through this action, the company can avoid false positives that cannot be scrutinized beneficially. 

It would be much more efficient if the call monitoring could be structured to skip most utilized keywords like “buy” and “sell” and flag phrases with “just between the two of us” or “call me at home.” This pursuit effectively maximizes monitoring efforts on voice communications in need of utmost attention.

  1. Identifying High-Risk Trades that are Monitored Overtime

Several traders spoof and manipulate trading. These merchants are a threat to many finance enterprises. Commodity Futures Trading Commission (CFTC) is the regulatory officer investigating firms that fall short in supervising and monitoring trading with crafty dealers. 

Firms can avoid being scrutinized by CTFC if they take note of all information and data elements related to their customers, exclusive to trader activities. Extensive observation is practical as it helps provide meaningful insights about a specific trader. Information should include:

– Trade-related communication is made through text messages, emails, WhatsApp (where they can utilize WhatsApp call recording), and many other entities.

– Trading data and patterns of clients, traders, etc.

– Distributed information in the market during the period in question.

– Social media platforms’ information linked to trading behavior.

– HR and interactive data of traders and employees of the firm.

These are the most common features financial firms can utilize to monitor accomplishments. Find out more on the infographic below developed and provided by TeleMessage:



Estela Pfeiffer