For companies in financial services, working from home during this crisis while staying compliant can be challenging. Whether it’s a broker-dealer shifting from a traditional office setting, an investment advisor looking to virtually meet with a client, or a bank conducting loan interviews over video and messenger, virtual meetings and communications have become the most viable option.
The Financial Industry Regulatory Authority (FINRA) requires financial firms that intend to communicate through a text messaging app or chat service to first ensure that they can retain records of those communications, as required by SEA Rules 17a-3 and 17a-4 and FINRA Rule 4511. Moreover, FINRA recently released COVID-19 guidance, and it expects firms to maintain monitoring requirements of their employees who are working from home.
Regardless of where work happens, professional electronic communications continue to be reliably archived for monitoring and financial services compliance.
The good news is, there are solutions that work together so financial firms can implement popular messaging solutions and stay compliant, and the Zoom + Smarsh integration is one example.