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{"id":1542,"date":"2023-11-01T00:50:24","date_gmt":"2023-11-01T00:50:24","guid":{"rendered":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/"},"modified":"2023-11-01T00:50:24","modified_gmt":"2023-11-01T00:50:24","slug":"preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm","status":"publish","type":"post","link":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/","title":{"rendered":"Preventing E-Communication Fines in Financial Services Adam Neiberg on October 31, 2023 at 12:00 pm"},"content":{"rendered":"

A new use case in the annual refresh of Cisco Portfolio Explorer for financial services is e-communication compliance<\/a>. This hot button issue is in the news it seems almost weekly. Financial\u2026 Read more on Cisco Blogs<\/a><\/p>\n

\u200b<\/p>\n

A new use case in the annual refresh of Cisco Portfolio Explorer for financial services is e-communication compliance<\/a>. This hot button issue is in the news it seems almost weekly. Financial institutions, mainly Wall Street firms, have been heavily fined for using unauthorized communication channels and not recording these communications.<\/p>\n

The punitive financial damage to these Wall Street firms so far has been over $2.5 billion dollars. More fines are likely to come and to a wider base of financial institutions as regulatory bodies are just getting started in enforcement in this age of hybrid work and plethora of communication channels.<\/p>\n\n

Communication compliance regulations<\/h2>\n

Compliance requirements for communications in financial services has always been very strict and certain sub verticals such as capital markets, trading and investing and insurance even stricter. Fast forward to today, and the financial services sector faces more regulations than ever. This is due to different regulatory bodies but also district, state, national, zonal and even industry agencies.\u00a0 With the vast array of digital communication channels, mobile phones, text and chat, video, social media, it is overwhelming.<\/p>\n

The most common compliance laws fall into two camps:<\/p>\n

Surveillance and supervision.<\/strong>\u00a0These laws govern internal policies, review, audit trail, retention and internal monitoring.
\nDigital communications.<\/strong>\u00a0These deal with content, audiences and communication channels.<\/p>\n

The main U.S. laws that impact financial services are:<\/p>\n

SEC<\/strong><\/p>\n

Securities & Exchange Act, Rule 17a-4(b)(4).<\/strong><\/a>\u00a0This law requires broker-dealers to keep the originals of all the communications they receive. They must also keep copies of all communications they send that are related to \u201cbusiness as such\u201d for at least three years. The first two years of these records must be kept easily accessible. Updated Rule 17a-4 requires firms to retain and preserve all transactions and official business records, which includes all communications. These electronic records must be stored in a secure, non-erasable place.
\n
Commodities Futures Trading Commission, CFTC SEA 15 F (g) (1).<\/strong><\/a> For the trading of commodity futures broker-dealers must keep all daily trading communications related to security-based swaps, including email, instant messages, phone calls and social media. All regulated records must be kept for the period required by the commission.<\/p>\n

FINRA<\/strong><\/p>\n

FINRA Notice 10-06.<\/strong><\/a>\u00a0<\/strong>This law requires firms to adopt policies and procedures to ensure that people who communicate for business via social channels are properly supervised. Anyone communicating through these channels must also be provided with training. And they must not put investors at risk.
\n
FINRA Notice 07-59<\/strong><\/a>.\u00a0<\/strong>Similar to 10-06, this notice provides additional guidance on reviewing and supervising electronic communications.<\/p>\n

The SEC and FINRA are serious about enforcement.\u00a0 Noncompliance has led to fines and brand damage. While the actions were caused by broker-dealers and investment advisers who kept poor records and used unapproved tools the institutions were unable to record and preserve their messages.<\/p>\n

It is not due to lack of internal controls, company policies, or related trainings, but most often it\u2019s due to unauthorized use by employees. Unfortunately, the companies are then at fault and liable for the fines. Not all companies are standing by.<\/p>\n

Drastic measures<\/h2>\n

An American investment firm has taken action against its own employees in the form of claw backs. They held training sessions explaining when bankers should move communication from personal devices to company communication channels, and instituted a penalty system. Penalties are scored according to a points system that considers the number of messages sent, the banker\u2019s seniority, and whether they received prior warnings. When warranted, they either claw back funds from previous bonuses or deducting money from future pay\u2014with a few penalties approaching seven figures.<\/p>\n

Sometimes claw backs aren\u2019t enough, and losing one\u2019s job is a possibility for breaking compliance rules and putting the institution at risk. Another large investment bank fired its transaction banking executives, including the head of a business unit, over compliance lapses. Correspondingly, they terminated several leaders from this unit who communicated on unauthorized channels and didn\u2019t comply with an internal review. A handful of companies have fired some of their top commodities traders over their use of personal apps.<\/p>\n

Fines are spreading<\/h2>\n

It was once thought that the administration of fines would be limited only to financial regulators or just in the United States, but that has not proven to be the case. Ofgem, the U.K.\u2019s energy regulator, fined<\/a> an American investment firm \u00a35.4M ($6.9M) due to communications on energy market transactions made by wholesale traders on privately owned phones in a breach of rules designed to protect consumers, ensure market transparency, and prevent insider trading.<\/p>\n

This fine and the source of the penalty may send \u201cshock waves\u201d through the banking industry, Rob Mason, the director of regulatory intelligence at Global Relay, told Bloomberg<\/a>.\u00a0 \u201cIt puts firms on warning that it\u2019s not just the financial regulators they need to be wary of,\u201d said Mason. The energy traders discussed transactions over WhatsApp on privately owned phones between January 2018 and March 2020, and the bank failed to record and save those communications.<\/p>\n

Best practices<\/h2>\n

Compliance laws for digital communications are complex and constantly changing. To stay compliant, consider adopting these best practices:<\/p>\n

Determine which laws are relevant to your organization
\nHave a clear understanding of how those laws are evolving
\nHire compliance officers or consultants to help you understand how those laws impact your management of digital communications
\nEvaluate your enterprise compliance solution with all stakeholders to see if it meets compliance requirements for all your communications channels
\nReview corporate policies and procedures for the use of communication devices and platforms, including\u00a0\u201cbring your own device\u201d (BYOD)
\nImplement and review employee compliance training programs<\/p>\n

In reality, one of the most effective ways financial institutions can safeguard themselves is by training employees to never use their personal devices for business. Taking that a step further recently one European bank has started disabling text capabilities<\/a> on company-issued phones.<\/p>\n

What\u2019s ahead<\/h2>\n

We\u2019ll likely see more regulators in the United States and abroad focus on both global financial services and smaller institutions. Regulators will probably increase fines for repeat violators and cite more instances of \u201cfailure to supervise\u201d as well.<\/p>\n

So how do companies strike the right balance between securing communications and allowing convenience? Implementing some of the best practices mentioned above and finding a partner that can help you comply with laws related to recording and recordkeeping is an important next step in the process.<\/p>\n

Cisco can help<\/h2>\n

Cloud calling allows institutions to move their phone systems to the cloud, enabling users to access their phone system from anywhere, on any device, and eliminates the need for on-premise physical infrastructure. With Cisco Cloud Calling<\/a>, gain flexibility, scalability, cost savings while preserving key features such as call recording, call forwarding, voicemail transcription, and analytics. It helps businesses streamline their communication infrastructure, reduce costs, and enhance productivity across their workforce.<\/p>\n

Cisco Cloud Calling can now take your business calling and collaborative experiences on the go with Webex Go with AT&T<\/a>. This\u00a0joint partnership<\/a> extends Webex Calling capabilities to AT&T provided data plans and mobile phones via a single business phone number that becomes your identity for all your phone and messaging Communications.<\/p>\n

Pairing with Theta Lake<\/a> a leading provider of compliance and risk management solutions for video and audio communication is a great next step. Their AI-powered platform helps financial institutions automatically detect and mitigate risks in their communications. Theta Lake\u2019s technology focuses on areas like data loss prevention, regulatory compliance, and surveillance, enabling institutions to streamline their compliance processes and ensure secure and compliant communication across all channels.<\/p>\n

Cisco Webex Connect<\/a> a centralized, enterprise-grade CPaaS platform helps you deliver richer customer experiences across numerous digital communication channels. It includes a flexible integration framework that lets you connect the information in your backend systems with digital channels such as WhatsApp, SMS, email and more.\u00a0Integrating with Webex Connect, you can easily access and apply the data you need to trigger contextual interactions across the customer journey.<\/p>\n

Visit Cisco Portfolio Explorer for Financial Services<\/a><\/p>\n

\n\t\tShare\n
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\u00a0\u00a0$2.5 billion dollars worth of fines have been levied against financial institutions due to employees using unauthorized communication channels and not recording these communications. What can be done to try and prevent this from happening.\u00a0\u00a0Read More<\/a>\u00a0Cisco Blogs\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

A new use case in the annual refresh of Cisco Portfolio Explorer for financial services is e-communication compliance<\/a>. This hot button issue is in the news it seems almost weekly. Financial\u2026 Read more on Cisco Blogs<\/a><\/p>\n

\u200b<\/p>\n

A new use case in the annual refresh of Cisco Portfolio Explorer for financial services is e-communication compliance<\/a>. This hot button issue is in the news it seems almost weekly. Financial institutions, mainly Wall Street firms, have been heavily fined for using unauthorized communication channels and not recording these communications.<\/p>\n

The punitive financial damage to these Wall Street firms so far has been over $2.5 billion dollars. More fines are likely to come and to a wider base of financial institutions as regulatory bodies are just getting started in enforcement in this age of hybrid work and plethora of communication channels.<\/p>\n

Communication compliance regulations<\/h2>\n

Compliance requirements for communications in financial services has always been very strict and certain sub verticals such as capital markets, trading and investing and insurance even stricter. Fast forward to today, and the financial services sector faces more regulations than ever. This is due to different regulatory bodies but also district, state, national, zonal and even industry agencies.\u00a0 With the vast array of digital communication channels, mobile phones, text and chat, video, social media, it is overwhelming.<\/p>\n

The most common compliance laws fall into two camps:<\/p>\n

Surveillance and supervision.<\/strong>\u00a0These laws govern internal policies, review, audit trail, retention and internal monitoring.
\nDigital communications.<\/strong>\u00a0These deal with content, audiences and communication channels.<\/p>\n

The main U.S. laws that impact financial services are:<\/p>\n

SEC<\/strong><\/p>\n

Securities & Exchange Act, Rule 17a-4(b)(4).<\/strong><\/a>\u00a0This law requires broker-dealers to keep the originals of all the communications they receive. They must also keep copies of all communications they send that are related to \u201cbusiness as such\u201d for at least three years. The first two years of these records must be kept easily accessible. Updated Rule 17a-4 requires firms to retain and preserve all transactions and official business records, which includes all communications. These electronic records must be stored in a secure, non-erasable place.
\n
Commodities Futures Trading Commission, CFTC SEA 15 F (g) (1).<\/strong><\/a> For the trading of commodity futures broker-dealers must keep all daily trading communications related to security-based swaps, including email, instant messages, phone calls and social media. All regulated records must be kept for the period required by the commission.<\/p>\n

FINRA<\/strong><\/p>\n

FINRA Notice 10-06.<\/strong><\/a>\u00a0<\/strong>This law requires firms to adopt policies and procedures to ensure that people who communicate for business via social channels are properly supervised. Anyone communicating through these channels must also be provided with training. And they must not put investors at risk.
\n
FINRA Notice 07-59<\/strong><\/a>.\u00a0<\/strong>Similar to 10-06, this notice provides additional guidance on reviewing and supervising electronic communications.<\/p>\n

The SEC and FINRA are serious about enforcement.\u00a0 Noncompliance has led to fines and brand damage. While the actions were caused by broker-dealers and investment advisers who kept poor records and used unapproved tools the institutions were unable to record and preserve their messages.<\/p>\n

It is not due to lack of internal controls, company policies, or related trainings, but most often it\u2019s due to unauthorized use by employees. Unfortunately, the companies are then at fault and liable for the fines. Not all companies are standing by.<\/p>\n

Drastic measures<\/h2>\n

An American investment firm has taken action against its own employees in the form of claw backs. They held training sessions explaining when bankers should move communication from personal devices to company communication channels, and instituted a penalty system. Penalties are scored according to a points system that considers the number of messages sent, the banker\u2019s seniority, and whether they received prior warnings. When warranted, they either claw back funds from previous bonuses or deducting money from future pay\u2014with a few penalties approaching seven figures.<\/p>\n

Sometimes claw backs aren\u2019t enough, and losing one\u2019s job is a possibility for breaking compliance rules and putting the institution at risk. Another large investment bank fired its transaction banking executives, including the head of a business unit, over compliance lapses. Correspondingly, they terminated several leaders from this unit who communicated on unauthorized channels and didn\u2019t comply with an internal review. A handful of companies have fired some of their top commodities traders over their use of personal apps.<\/p>\n

Fines are spreading<\/h2>\n

It was once thought that the administration of fines would be limited only to financial regulators or just in the United States, but that has not proven to be the case. Ofgem, the U.K.\u2019s energy regulator, fined<\/a> an American investment firm \u00a35.4M ($6.9M) due to communications on energy market transactions made by wholesale traders on privately owned phones in a breach of rules designed to protect consumers, ensure market transparency, and prevent insider trading.<\/p>\n

This fine and the source of the penalty may send \u201cshock waves\u201d through the banking industry, Rob Mason, the director of regulatory intelligence at Global Relay, told Bloomberg<\/a>.\u00a0 \u201cIt puts firms on warning that it\u2019s not just the financial regulators they need to be wary of,\u201d said Mason. The energy traders discussed transactions over WhatsApp on privately owned phones between January 2018 and March 2020, and the bank failed to record and save those communications.<\/p>\n

Best practices<\/h2>\n

Compliance laws for digital communications are complex and constantly changing. To stay compliant, consider adopting these best practices:<\/p>\n

Determine which laws are relevant to your organization
\nHave a clear understanding of how those laws are evolving
\nHire compliance officers or consultants to help you understand how those laws impact your management of digital communications
\nEvaluate your enterprise compliance solution with all stakeholders to see if it meets compliance requirements for all your communications channels
\nReview corporate policies and procedures for the use of communication devices and platforms, including\u00a0\u201cbring your own device\u201d (BYOD)
\nImplement and review employee compliance training programs<\/p>\n

In reality, one of the most effective ways financial institutions can safeguard themselves is by training employees to never use their personal devices for business. Taking that a step further recently one European bank has started disabling text capabilities<\/a> on company-issued phones.<\/p>\n

What\u2019s ahead<\/h2>\n

We\u2019ll likely see more regulators in the United States and abroad focus on both global financial services and smaller institutions. Regulators will probably increase fines for repeat violators and cite more instances of \u201cfailure to supervise\u201d as well.<\/p>\n

So how do companies strike the right balance between securing communications and allowing convenience? Implementing some of the best practices mentioned above and finding a partner that can help you comply with laws related to recording and recordkeeping is an important next step in the process.<\/p>\n

Cisco can help<\/h2>\n

Cloud calling allows institutions to move their phone systems to the cloud, enabling users to access their phone system from anywhere, on any device, and eliminates the need for on-premise physical infrastructure. With Cisco Cloud Calling<\/a>, gain flexibility, scalability, cost savings while preserving key features such as call recording, call forwarding, voicemail transcription, and analytics. It helps businesses streamline their communication infrastructure, reduce costs, and enhance productivity across their workforce.<\/p>\n

Cisco Cloud Calling can now take your business calling and collaborative experiences on the go with Webex Go with AT&T<\/a>. This\u00a0joint partnership<\/a> extends Webex Calling capabilities to AT&T provided data plans and mobile phones via a single business phone number that becomes your identity for all your phone and messaging Communications.<\/p>\n

Pairing with Theta Lake<\/a> a leading provider of compliance and risk management solutions for video and audio communication is a great next step. Their AI-powered platform helps financial institutions automatically detect and mitigate risks in their communications. Theta Lake\u2019s technology focuses on areas like data loss prevention, regulatory compliance, and surveillance, enabling institutions to streamline their compliance processes and ensure secure and compliant communication across all channels.<\/p>\n

Cisco Webex Connect<\/a> a centralized, enterprise-grade CPaaS platform helps you deliver richer customer experiences across numerous digital communication channels. It includes a flexible integration framework that lets you connect the information in your backend systems with digital channels such as WhatsApp, SMS, email and more.\u00a0Integrating with Webex Connect, you can easily access and apply the data you need to trigger contextual interactions across the customer journey.<\/p>\n

Visit Cisco Portfolio Explorer for Financial Services<\/a><\/p>\n

\n\t\tShare<\/p>\n
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\u00a0\u00a0$2.5 billion dollars worth of fines have been levied against financial institutions due to employees using unauthorized communication channels and not recording these communications. What can be done to try and prevent this from happening.\u00a0\u00a0Read More<\/a>\u00a0Cisco Blogs\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":1543,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cisco-learning"],"yoast_head":"\nPreventing E-Communication Fines in Financial Services Adam Neiberg on October 31, 2023 at 12:00 pm - JHC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preventing E-Communication Fines in Financial Services Adam Neiberg on October 31, 2023 at 12:00 pm\" \/>\n<meta property=\"og:description\" content=\"A new use case in the annual refresh of Cisco Portfolio Explorer for financial services is e-communication compliance. This hot button issue is in the news it seems almost weekly. Financial\u2026 Read more on Cisco Blogs \u200b A new use case in the annual refresh of Cisco Portfolio Explorer for financial services is e-communication compliance. This hot button issue is in the news it seems almost weekly. Financial institutions, mainly Wall Street firms, have been heavily fined for using unauthorized communication channels and not recording these communications. The punitive financial damage to these Wall Street firms so far has been over $2.5 billion dollars. More fines are likely to come and to a wider base of financial institutions as regulatory bodies are just getting started in enforcement in this age of hybrid work and plethora of communication channels. Communication compliance regulations Compliance requirements for communications in financial services has always been very strict and certain sub verticals such as capital markets, trading and investing and insurance even stricter. Fast forward to today, and the financial services sector faces more regulations than ever. This is due to different regulatory bodies but also district, state, national, zonal and even industry agencies.\u00a0 With the vast array of digital communication channels, mobile phones, text and chat, video, social media, it is overwhelming. The most common compliance laws fall into two camps: Surveillance and supervision.\u00a0These laws govern internal policies, review, audit trail, retention and internal monitoring. Digital communications.\u00a0These deal with content, audiences and communication channels. The main U.S. laws that impact financial services are: SEC Securities & Exchange Act, Rule 17a-4(b)(4).\u00a0This law requires broker-dealers to keep the originals of all the communications they receive. They must also keep copies of all communications they send that are related to \u201cbusiness as such\u201d for at least three years. The first two years of these records must be kept easily accessible. Updated Rule 17a-4 requires firms to retain and preserve all transactions and official business records, which includes all communications. These electronic records must be stored in a secure, non-erasable place. Commodities Futures Trading Commission, CFTC SEA 15 F (g) (1). For the trading of commodity futures broker-dealers must keep all daily trading communications related to security-based swaps, including email, instant messages, phone calls and social media. All regulated records must be kept for the period required by the commission. FINRA FINRA Notice 10-06.\u00a0This law requires firms to adopt policies and procedures to ensure that people who communicate for business via social channels are properly supervised. Anyone communicating through these channels must also be provided with training. And they must not put investors at risk. FINRA Notice 07-59.\u00a0Similar to 10-06, this notice provides additional guidance on reviewing and supervising electronic communications. The SEC and FINRA are serious about enforcement.\u00a0 Noncompliance has led to fines and brand damage. While the actions were caused by broker-dealers and investment advisers who kept poor records and used unapproved tools the institutions were unable to record and preserve their messages. It is not due to lack of internal controls, company policies, or related trainings, but most often it\u2019s due to unauthorized use by employees. Unfortunately, the companies are then at fault and liable for the fines. Not all companies are standing by. Drastic measures An American investment firm has taken action against its own employees in the form of claw backs. They held training sessions explaining when bankers should move communication from personal devices to company communication channels, and instituted a penalty system. Penalties are scored according to a points system that considers the number of messages sent, the banker\u2019s seniority, and whether they received prior warnings. When warranted, they either claw back funds from previous bonuses or deducting money from future pay\u2014with a few penalties approaching seven figures. Sometimes claw backs aren\u2019t enough, and losing one\u2019s job is a possibility for breaking compliance rules and putting the institution at risk. Another large investment bank fired its transaction banking executives, including the head of a business unit, over compliance lapses. Correspondingly, they terminated several leaders from this unit who communicated on unauthorized channels and didn\u2019t comply with an internal review. A handful of companies have fired some of their top commodities traders over their use of personal apps. Fines are spreading It was once thought that the administration of fines would be limited only to financial regulators or just in the United States, but that has not proven to be the case. Ofgem, the U.K.\u2019s energy regulator, fined an American investment firm \u00a35.4M ($6.9M) due to communications on energy market transactions made by wholesale traders on privately owned phones in a breach of rules designed to protect consumers, ensure market transparency, and prevent insider trading. This fine and the source of the penalty may send \u201cshock waves\u201d through the banking industry, Rob Mason, the director of regulatory intelligence at Global Relay, told Bloomberg.\u00a0 \u201cIt puts firms on warning that it\u2019s not just the financial regulators they need to be wary of,\u201d said Mason. The energy traders discussed transactions over WhatsApp on privately owned phones between January 2018 and March 2020, and the bank failed to record and save those communications. Best practices Compliance laws for digital communications are complex and constantly changing. To stay compliant, consider adopting these best practices: Determine which laws are relevant to your organization Have a clear understanding of how those laws are evolving Hire compliance officers or consultants to help you understand how those laws impact your management of digital communications Evaluate your enterprise compliance solution with all stakeholders to see if it meets compliance requirements for all your communications channels Review corporate policies and procedures for the use of communication devices and platforms, including\u00a0\u201cbring your own device\u201d (BYOD) Implement and review employee compliance training programs In reality, one of the most effective ways financial institutions can safeguard themselves is by training employees to never use their personal devices for business. Taking that a step further recently one European bank has started disabling text capabilities on company-issued phones. What\u2019s ahead We\u2019ll likely see more regulators in the United States and abroad focus on both global financial services and smaller institutions. Regulators will probably increase fines for repeat violators and cite more instances of \u201cfailure to supervise\u201d as well. So how do companies strike the right balance between securing communications and allowing convenience? Implementing some of the best practices mentioned above and finding a partner that can help you comply with laws related to recording and recordkeeping is an important next step in the process. Cisco can help Cloud calling allows institutions to move their phone systems to the cloud, enabling users to access their phone system from anywhere, on any device, and eliminates the need for on-premise physical infrastructure. With Cisco Cloud Calling, gain flexibility, scalability, cost savings while preserving key features such as call recording, call forwarding, voicemail transcription, and analytics. It helps businesses streamline their communication infrastructure, reduce costs, and enhance productivity across their workforce. Cisco Cloud Calling can now take your business calling and collaborative experiences on the go with Webex Go with AT&T. This\u00a0joint partnership extends Webex Calling capabilities to AT&T provided data plans and mobile phones via a single business phone number that becomes your identity for all your phone and messaging Communications. Pairing with Theta Lake a leading provider of compliance and risk management solutions for video and audio communication is a great next step. Their AI-powered platform helps financial institutions automatically detect and mitigate risks in their communications. Theta Lake\u2019s technology focuses on areas like data loss prevention, regulatory compliance, and surveillance, enabling institutions to streamline their compliance processes and ensure secure and compliant communication across all channels. Cisco Webex Connect a centralized, enterprise-grade CPaaS platform helps you deliver richer customer experiences across numerous digital communication channels. It includes a flexible integration framework that lets you connect the information in your backend systems with digital channels such as WhatsApp, SMS, email and more.\u00a0Integrating with Webex Connect, you can easily access and apply the data you need to trigger contextual interactions across the customer journey. Visit Cisco Portfolio Explorer for Financial Services Share Share: \u00a0\u00a0$2.5 billion dollars worth of fines have been levied against financial institutions due to employees using unauthorized communication channels and not recording these communications. What can be done to try and prevent this from happening.\u00a0\u00a0Read More\u00a0Cisco Blogs\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/\" \/>\n<meta property=\"og:site_name\" content=\"JHC\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-01T00:50:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/jacksonholdingcompany.com\/wp-content\/uploads\/2023\/11\/16417364-2X3tFL.gif\" \/>\n\t<meta property=\"og:image:width\" content=\"1\" \/>\n\t<meta property=\"og:image:height\" content=\"1\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/gif\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Preventing E-Communication Fines in Financial Services Adam Neiberg on October 31, 2023 at 12:00 pm\",\"datePublished\":\"2023-11-01T00:50:24+00:00\",\"dateModified\":\"2023-11-01T00:50:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/\"},\"wordCount\":1422,\"publisher\":{\"@id\":\"https:\/\/jacksonholdingcompany.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/jacksonholdingcompany.com\/wp-content\/uploads\/2023\/11\/16417364-2X3tFL.gif\",\"articleSection\":[\"Cisco: Learning\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/\",\"url\":\"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/\",\"name\":\"Preventing E-Communication Fines in Financial Services Adam Neiberg on October 31, 2023 at 12:00 pm - 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JHC","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/","og_locale":"en_US","og_type":"article","og_title":"Preventing E-Communication Fines in Financial Services Adam Neiberg on October 31, 2023 at 12:00 pm","og_description":"A new use case in the annual refresh of Cisco Portfolio Explorer for financial services is e-communication compliance. This hot button issue is in the news it seems almost weekly. Financial\u2026 Read more on Cisco Blogs \u200b A new use case in the annual refresh of Cisco Portfolio Explorer for financial services is e-communication compliance. This hot button issue is in the news it seems almost weekly. Financial institutions, mainly Wall Street firms, have been heavily fined for using unauthorized communication channels and not recording these communications. The punitive financial damage to these Wall Street firms so far has been over $2.5 billion dollars. More fines are likely to come and to a wider base of financial institutions as regulatory bodies are just getting started in enforcement in this age of hybrid work and plethora of communication channels. Communication compliance regulations Compliance requirements for communications in financial services has always been very strict and certain sub verticals such as capital markets, trading and investing and insurance even stricter. Fast forward to today, and the financial services sector faces more regulations than ever. This is due to different regulatory bodies but also district, state, national, zonal and even industry agencies.\u00a0 With the vast array of digital communication channels, mobile phones, text and chat, video, social media, it is overwhelming. The most common compliance laws fall into two camps: Surveillance and supervision.\u00a0These laws govern internal policies, review, audit trail, retention and internal monitoring. Digital communications.\u00a0These deal with content, audiences and communication channels. The main U.S. laws that impact financial services are: SEC Securities & Exchange Act, Rule 17a-4(b)(4).\u00a0This law requires broker-dealers to keep the originals of all the communications they receive. They must also keep copies of all communications they send that are related to \u201cbusiness as such\u201d for at least three years. The first two years of these records must be kept easily accessible. Updated Rule 17a-4 requires firms to retain and preserve all transactions and official business records, which includes all communications. These electronic records must be stored in a secure, non-erasable place. Commodities Futures Trading Commission, CFTC SEA 15 F (g) (1). For the trading of commodity futures broker-dealers must keep all daily trading communications related to security-based swaps, including email, instant messages, phone calls and social media. All regulated records must be kept for the period required by the commission. FINRA FINRA Notice 10-06.\u00a0This law requires firms to adopt policies and procedures to ensure that people who communicate for business via social channels are properly supervised. Anyone communicating through these channels must also be provided with training. And they must not put investors at risk. FINRA Notice 07-59.\u00a0Similar to 10-06, this notice provides additional guidance on reviewing and supervising electronic communications. The SEC and FINRA are serious about enforcement.\u00a0 Noncompliance has led to fines and brand damage. While the actions were caused by broker-dealers and investment advisers who kept poor records and used unapproved tools the institutions were unable to record and preserve their messages. It is not due to lack of internal controls, company policies, or related trainings, but most often it\u2019s due to unauthorized use by employees. Unfortunately, the companies are then at fault and liable for the fines. Not all companies are standing by. Drastic measures An American investment firm has taken action against its own employees in the form of claw backs. They held training sessions explaining when bankers should move communication from personal devices to company communication channels, and instituted a penalty system. Penalties are scored according to a points system that considers the number of messages sent, the banker\u2019s seniority, and whether they received prior warnings. When warranted, they either claw back funds from previous bonuses or deducting money from future pay\u2014with a few penalties approaching seven figures. Sometimes claw backs aren\u2019t enough, and losing one\u2019s job is a possibility for breaking compliance rules and putting the institution at risk. Another large investment bank fired its transaction banking executives, including the head of a business unit, over compliance lapses. Correspondingly, they terminated several leaders from this unit who communicated on unauthorized channels and didn\u2019t comply with an internal review. A handful of companies have fired some of their top commodities traders over their use of personal apps. Fines are spreading It was once thought that the administration of fines would be limited only to financial regulators or just in the United States, but that has not proven to be the case. Ofgem, the U.K.\u2019s energy regulator, fined an American investment firm \u00a35.4M ($6.9M) due to communications on energy market transactions made by wholesale traders on privately owned phones in a breach of rules designed to protect consumers, ensure market transparency, and prevent insider trading. This fine and the source of the penalty may send \u201cshock waves\u201d through the banking industry, Rob Mason, the director of regulatory intelligence at Global Relay, told Bloomberg.\u00a0 \u201cIt puts firms on warning that it\u2019s not just the financial regulators they need to be wary of,\u201d said Mason. The energy traders discussed transactions over WhatsApp on privately owned phones between January 2018 and March 2020, and the bank failed to record and save those communications. Best practices Compliance laws for digital communications are complex and constantly changing. To stay compliant, consider adopting these best practices: Determine which laws are relevant to your organization Have a clear understanding of how those laws are evolving Hire compliance officers or consultants to help you understand how those laws impact your management of digital communications Evaluate your enterprise compliance solution with all stakeholders to see if it meets compliance requirements for all your communications channels Review corporate policies and procedures for the use of communication devices and platforms, including\u00a0\u201cbring your own device\u201d (BYOD) Implement and review employee compliance training programs In reality, one of the most effective ways financial institutions can safeguard themselves is by training employees to never use their personal devices for business. Taking that a step further recently one European bank has started disabling text capabilities on company-issued phones. What\u2019s ahead We\u2019ll likely see more regulators in the United States and abroad focus on both global financial services and smaller institutions. Regulators will probably increase fines for repeat violators and cite more instances of \u201cfailure to supervise\u201d as well. So how do companies strike the right balance between securing communications and allowing convenience? Implementing some of the best practices mentioned above and finding a partner that can help you comply with laws related to recording and recordkeeping is an important next step in the process. Cisco can help Cloud calling allows institutions to move their phone systems to the cloud, enabling users to access their phone system from anywhere, on any device, and eliminates the need for on-premise physical infrastructure. With Cisco Cloud Calling, gain flexibility, scalability, cost savings while preserving key features such as call recording, call forwarding, voicemail transcription, and analytics. It helps businesses streamline their communication infrastructure, reduce costs, and enhance productivity across their workforce. Cisco Cloud Calling can now take your business calling and collaborative experiences on the go with Webex Go with AT&T. This\u00a0joint partnership extends Webex Calling capabilities to AT&T provided data plans and mobile phones via a single business phone number that becomes your identity for all your phone and messaging Communications. Pairing with Theta Lake a leading provider of compliance and risk management solutions for video and audio communication is a great next step. Their AI-powered platform helps financial institutions automatically detect and mitigate risks in their communications. Theta Lake\u2019s technology focuses on areas like data loss prevention, regulatory compliance, and surveillance, enabling institutions to streamline their compliance processes and ensure secure and compliant communication across all channels. Cisco Webex Connect a centralized, enterprise-grade CPaaS platform helps you deliver richer customer experiences across numerous digital communication channels. It includes a flexible integration framework that lets you connect the information in your backend systems with digital channels such as WhatsApp, SMS, email and more.\u00a0Integrating with Webex Connect, you can easily access and apply the data you need to trigger contextual interactions across the customer journey. Visit Cisco Portfolio Explorer for Financial Services Share Share: \u00a0\u00a0$2.5 billion dollars worth of fines have been levied against financial institutions due to employees using unauthorized communication channels and not recording these communications. What can be done to try and prevent this from happening.\u00a0\u00a0Read More\u00a0Cisco Blogs\u00a0","og_url":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/","og_site_name":"JHC","article_published_time":"2023-11-01T00:50:24+00:00","og_image":[{"width":1,"height":1,"url":"https:\/\/jacksonholdingcompany.com\/wp-content\/uploads\/2023\/11\/16417364-2X3tFL.gif","type":"image\/gif"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/#article","isPartOf":{"@id":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/"},"author":{"name":"","@id":""},"headline":"Preventing E-Communication Fines in Financial Services Adam Neiberg on October 31, 2023 at 12:00 pm","datePublished":"2023-11-01T00:50:24+00:00","dateModified":"2023-11-01T00:50:24+00:00","mainEntityOfPage":{"@id":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/"},"wordCount":1422,"publisher":{"@id":"https:\/\/jacksonholdingcompany.com\/#organization"},"image":{"@id":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/#primaryimage"},"thumbnailUrl":"https:\/\/jacksonholdingcompany.com\/wp-content\/uploads\/2023\/11\/16417364-2X3tFL.gif","articleSection":["Cisco: Learning"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/","url":"https:\/\/jacksonholdingcompany.com\/preventing-e-communication-fines-in-financial-services-adam-neiberg-on-october-31-2023-at-1200-pm\/","name":"Preventing E-Communication Fines in Financial Services Adam Neiberg on October 31, 2023 at 12:00 pm - 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