Did you know that even the European Banking Authority (EBA) has been falsely used to authenticate frauds and scams through emails, letters, and other documents?
These deceptions and rip-offs aspire to illegally seize money and even personal details by claiming that the EBA has a role in approving financial transactions to and from the European Union. Take note, these unlawful correspondences include an illegitimate utilization and an inerrant replica of the EBA materials such as logo, letterhead, signatures used of the EBA officials, and even pages from the European Banking Authority.
The individuals behind these monkey businesses would ask the client to provide personal information through money transfers, international payments, and identity verification to allow financial transfers. That is why a large number of victims were mistreated so easily because they have entrusted their information to what they thought that an official certified multinational.
This is what motivates the European Union to implement a financial scaffold named as the Markets in Financial Instruments Directive II (MiFID II). This is highly to regulate financial firms that offer services to clients associated with financial instruments and areas where these trades occurred. Under this judicial enforcement, each depository banking institution shall provide MiFID voice recording, SMS and MMS archives, and call recording.
Unfortunately, there are over 40% of these firms are not complying with the mandated requirements of the MiFID II. This implies that multiple establishments are already subject to hefty fines and suspension.
To prevent multiple monetary organizations from disobedience, TeleMessage has created an infographic with all the key challenges that remain for complying with MiFID II recordkeeping requirements one year after its implementation: