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Call recording systems provide a vital technological component needed for today’s financial and insurance institutions to succeed. These two industries need to focus on compliance issues as they impact all aspects of their operations. Complying with the various regulatory requirements can be very difficult if not impossible without a supporting technology like call recording.
The financial and insurance industries must meet ever-changing rule and regulatory issues. Many of their business practices have become standards based and they need to formalize their compliance programs to meet these specific requirements.
The following is a partial list of the regulatory issues in the United States and/or EU that the Finance and Insurance industries might need to adhere to and show compliance with:
AML (Anti-Money Laundering)
Basel II Accord
ECOA (Equal Credit Opportunity Act)
FDCPA (Fair Debt Collection Practices Act)
GLBA (Gramm-Leach-Bliley Act)
MiFID (Markets in Financial Instruments Directive)
PCI DSS (Payment Card Industry Data Security Standards)
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