Agent compliance infractions can lead to unwanted penalties for your organization. Consider this:

• Dodd-Frank Act penalties can amount to $1 million or more
• PCI Compliance penalties can be $5,000 per month per agent
• MiFID II infractions can total $10.8M or 2% of your company's annual revenue
• HIPAA infractions can cost up to $50,000
• CMS Final Rule 2023 penalties can amount to $2,007,500 per hospital

Each of these regulations requires certain call recording requirements.

Dodd-Frank Act (U.S. financial services regulation)

• All communications relating to pre-execution trade information must be recorded completely and accurately, including telephone, voicemail, instant messaging, chats, email, and mobile.
• Records need to be uniformly time stamped – A record of the date and time, to the nearest minute, must be on every record.
• Trading records need to be identifiable and searchable by transaction.
• All records must be stored securely and readily accessible. 

-->Oreka TR provides detailed audit trails, time stamping, multi-criteria searching, and secure storage of your calls to help you comply.
PCI-DSS (payment card industry regulation)

• No cardholder data (cardholder name, expiration date, PAN, etc.) should ever be stored unless it’s necessary to meet the needs of your business.
• No sensitive authentication data (SAD), which includes card validation codes (CVV2, CVC2, CID, or CAV2), personal identification numbers and/or full magnetic stripe data, may be stored in a digital, audio or video format (such as WAV or MP3) after authorization, even if encrypted.

--> Oreka TR can pause both screen and audio via API or web user interface while credit card numbers are being received over the phone.

MiFID II (European Union financial services regulation)

• Record all calls which will/may result in transactions.
• Notify the customer that the conversation is being recorded.
• Store all communications for a minimum of 5 years.

-->Oreka TR can record 100% of calls or configure the system to selectively record only certain calls; enable users to easily search for, retrieve and playback specific calls based on multi-criteria searching, and store all communications for a minimum of five years, or for any duration you choose.

HIPAA (U.S. health insurance regulation)

• Call centers need to encrypt and secure all customer data.
• Organizations must maintain records and proof of call recording consent during patient interactions.
• No cardholder data (cardholder name, expiration date, PAN, etc.) should ever be stored unless it’s necessary to meet the needs of your business, and no sensitive authentication data (SAD), which includes card validation codes (CVV2, CVC2, CID, or CAV2), personal identification numbers and/or full magnetic stripe data, may be stored in a digital, audio or video format (such as WAV or MP3) after authorization, even if encrypted.

-->Oreka TR will pause both screen and audio recording via API or web user interface while credit card numbers are being received over the phone. This way, no numbers are stored anywhere on the recording system.

CMS Final Rule 2023 (U.S. Medicare & Medicaid services regulation)

• Agents and brokers need to record calls in their entirety during the enrollment process.
• Calls must be securely retained for 10 years.

Let OrecX help your organization adequately comply with relevant regulations and help you mitigate avoidable penalties.

Try OrecX today for free for 30 days!