Financial Services Compliance in the Commonwealth of Australia

An Overview of Electronic Recordkeeping Regulations in Australia.

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Australian Electronic Recordkeeping Regulations

As is the case with regulators in Europe and North America, the Australian Securities and Investments Commission (ASIC) takes a largely medium-agnostic view when it comes to evaluating official communications with clients. In other words, the content of any given message is far more important than the particular medium that was chosen to help convey this message.

This means that all existing advertising and recordkeeping rules also apply to online content. Website, social media, and mobile text communications need to be honest and accurate, and should clearly identify the specific products and services being promoted. 

In order to prove compliance and prepare themselves for any possible litigation surrounding online content, financial services organizations should capture and archive all of this data.    

Pagefreezer assists financial services organizations in tackling the following critical challenges:

Financial Services Recordkeeping Compliance

Financial services regulations demand that online data such as webpages, social media posts, mobile text messages, and enterprise collaboration conversations be captured and preserved to comply with recordkeeping requirements. This data should also be stored in a way that makes it easy to find, search, and export specific content during regulatory audits.

eDiscovery & Litigation Readiness

Website, social media, mobile text, and enterprise collaboration content is increasingly forming part of the eDiscovery and litigation process. Because of this, financial institutions need to be able to capture, preserve, and eventually present this data in a defensible format that complies with legal rules of evidence.

Monitoring and Data Loss Prevention

Website content should be archived and regularly reviewed to ensure that messaging complies with financial industry industry regulations. Similarly, social media accounts should be monitored to ensure that no non-compliant or inaccurate claims are being made to the public, and team communication tools should be monitored for data loss prevention.

Placing Content on Legal Hold

Most organizations have a retention policy in place that outlines exactly how long online data is retained before disposal. But what happens if legal teams need a record to be kept and a retention schedule overridden? How is a social media comment or website record placed on legal hold and preserved for litigation?

Pagefreezer Recordkeeping Solutions

Pagefreezer allows financial services organizations to monitor, collect, and archive the following online data:

Website Content

Pagefreezer is capable of archiving complex modern websites. We collect full metadata, adding digital signatures and timestamps to every page.

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Social Media Accounts

Thanks to API integrations, Pagefreezer is able to monitor and archive major social media platforms like Facebook and Twitter in real-time.

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Enterprise Collaboration Platforms

We are capable of monitoring and archiving enterprise collaboration data from platforms like Workplace by Facebook, Chatter, and Yammer.

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Mobile Text Messages

Pagefreezer can also archive mobile text messages. We have solutions for both employer-issued and BYOD phones.

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See how Pagefreezer can help your organization

Get in touch with us to learn more and see Pagefreezer’s solutions in action.

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