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Brexit Boom in Frankfurt

ASC Supports Banks with Compliance Recording and Analytics

Many London-based banks are currently organizing their move to the continent as a result of the withdrawal of the United Kingdom from the European Union. Experts reckon that about 10,000 jobs will be transferred from London to Frankfurt. ASC, a worldwide leading software provider in the field of compliance recording and analytics, supports financial institutions with tailor-made solutions to comply with legal requirements such as MiFID as well as to reveal compliance breaches.

According to the media, many financial institutions have already started hiring employees for their Frankfurt subsidiaries. Just as the number of bankers will be increasing notably as a result of the Brexit, so is the amount of communication that must be recorded in the industry. ASC solutions grant security: “To comply with documentation requirements, our customers can rely on our innovative recording suite which meets the demands of MiFID II as well as the General Data Protection Regulation (GDPR). Our advanced analysis tools help them to reveal compliance breaches”, explains Marco Müller, Chief Operating Officer of ASC. That way, a vast number of recordings can be analyzed to find those that carry potential risks.

As early as in 2017, the finance market industry has started to gear up to be perfectly equipped for MiFID. Since January 2018, the directive obligates all financial institutions in the European Economic Area to document and archive consultant calls in an evidence-proof way. “We support customers with fail-safe recording to comply with this legal demand”, says Marco Müller.

Software solutions from the cloud additionally make recording and assessing communication easier for financial service providers. The ASC cloud grants centralized availability of telecommunication services and recording. Handling has been designed for maximum ease and flexibility. Access rights management and sophisticated encryption methods when archiving recordings improve safety.