Compliance Requirements
Many industries, especially financial service organizations, need to record the calls of their employees to ensure compliance with regulations and laws. For example, the MiFID II requires financial institutions in Europe to document and preserve all consultations potentially leading to a transaction for at least five years.
As recordings are associated with personal data and can contain sensitive information, this data needs to be handled with care and securely stored. On top of compliance requirements, organizations have requirements for data protection.
Why Location Matters
Data privacy laws are determined by the country in which a service is running. In Germany the German laws apply as well as the General Data Protection Regulations (GDPR) from the European Union.
GDPR is an important regulation for European companies that has been implemented since 25 May 2018 to prevent the misuse of data. It lays out requirements for businesses and organizations that are established in or service users in Europe.
GDPR states that all data of European citizens should either be stored in the EU, so that they are subject to European privacy law, or in a place where the same level of protection is guaranteed. Businesses that don’t comply face financial consequences.
Luware Recording
We want to make it as easy as possible for our customers to meet legal and compliance regulations. That’s why we offer Luware Recording as a fully managed service. With Luware Recording you can record all modalities including voice, video, chat and screenshare in communication platforms like Microsoft Teams to comply with regulatory requirements.
With the new recording cluster in Germany, we you can now also capture and store your recording data in the EU, making it even easier to meet your legal and compliance regulations.