Ensure Regulatory Compliance in the Financial Industry

May 31, 2017 by Jatheon

With the ongoing crisis in the world economy, the financial industry is constantly in the spotlight. Financial institutions are under enormous scrutiny, not only from customers but also from regulatory bodies that oversee the industry.

Email is an Important Corporate Record

Due to the highly-regulated nature of the sector, regulatory compliance is a huge part of the day-to-day business in the financial industry. Although email is the most common communication tool in all industries, it is vitally important in the financial sector, where emails contain sensitive financial information. It’s no surprise then that email is a major target during compliance audits.

A solid archiving solution is essential in achieving regulatory compliance. Click To Tweet

Regulatory compliance requirements for the financial industry are spread across a number of acts, some of which are more well-known than others. These acts all demand that companies in the financial industry maintain good email archives, which is why a solid archiving solution is essential in achieving regulatory compliance.

Major Legislation in the Financial Services Industry

The Dodd-Frank Act of 2010 gave financial regulators much broader authority to look at a firm’s operations. As part of the process of monitoring operations within the financial industry, regulators need access to the internal email communications of any firm they investigate. The best way to comply with this request is to have a complete and accessible email archive.

Other acts like Sarbanes-Oxley, Gramm-Leach-Bliley, SEC 17a (3, 4), NASD Rule 3110, NYSE Rule 440 and the Investment Advisors Act cover the regulatory compliance requirements of electronic data storage in the financial industry. Each outlines the need for appropriate, secure archiving of email communication.

Email archiving is vital, given the level of regulatory compliance required in the financial industry. Click To Tweet

Failing to meet these regulatory compliance requirements will, in most cases, result in heavy fines. Using an email archive that meets the requirements outlined in these acts could provide huge savings for companies in the financial industry.

Email archiving is a valuable solution for any company. It is, however, enormously important in the financial industry, given the level of regulatory compliance required in this particular sector.

Click on the image below and download our free whitepaper “Email Archiving for the Financial Industry” to learn more about why you need to archive emails in the financial sector.

Download free whitepaper - Email Archiving For The Financial Industry


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