CGRC specialist ACA Group has partnered LeapXpert to deliver greater capabilities for off-channel communications monitoring. The partnership provides enhancements to archival, workflow, and surveillance features across WhatsApp, iMessage, SMS, WeChat, Telegram, LINE and Signal, and comes at a time when regulators are looking more closely at how financial firms are communicating internally, as well as with clients.
Last year, the SEC and CFTC fined Wall Street firms a combined $1.8 billion for failing to prevent employees from communicating on messaging channels that are not monitored for compliance. The FCA, ESMA, and FINRA also have rules in place for financial institutions to capture and oversee all mobile communications to detect potential market abuse such as insider trading, unlawful information sharing, or other forms of manipulation.
Annie Morris, chief product officer at ACA Group, says: “Amid growing regulatory scrutiny, the move to a mobile-first or single vendor solution is paramount to satisfying all components necessary to demonstrate that the duty of supervision has been met. With LeapXpert, we can offer a unified solution where a fractured multi-channel work experience poses a significant regulatory challenge.”
LeapXpert’s mobile messaging capture capabilities are available to global buy-side and sell-side firms through ACA’s ComplianceAlpha eComms platform, which includes a policy-based surveillance engine, relationship forensics, and an integrated archive to enable more effective internal investigations. The LeapXpert platform enables data capture and governance across voice and messaging channels including WhatsApp, iMessage, SMS, WeChat, Telegram, LINE and Signal. A native integration with Microsoft Teams allows employees to communicate with clients through their preferred messaging apps from within Teams.
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