Samsung launches MiFID II-compliant MVRS

IT services company Samsung SDS will launch a mobile voice recording solution (MVRS) on October 5 powered by its enterprise mobility management (EMM), which is described as a secured and Financial Conduct Authority (FCA)-compliant EMM solution, developed predominantly for the financial services sector in anticipation of forthcoming Markets in Financial Instruments (MiFID II) regulations. MiFID II, currently scheduled for introduction on 3 January 2018 requires all communications data to be recorded, monitored and stored for five years. It has already been implemented by a number of the UK’s FCA regulated firms, and can also be used in other industries like health and rail, where remote and lone workers need to be monitored via mobile.

Available on Samsung Galaxy devices, the solution records SMS, voice and call conversations made by trading employees and recorded data can then be integrated, whenever there is an active mobile connection, into organisations’ central compliance centres or to International Organisation for Standardisation (ISO) and designated UK government-certified data centres as required by law. This data can then be used with other recordings to produce analytical compliance reports.

The offering runs as a native application, with no reliance on third party communication solutions. It can also override and prevent such solutions being installed on a device, to avoid any correspondence not being officially recorded, providing assurance that all users are abiding by compliance rules. The solution can also track a user’s movement through Google Maps, identify which other apps they are using on a device and how much data is being used, to highlight potential irregularities.