With the SEC and other regulators majorly cracking down on individuals and companies for non-compliance with recordkeeping requirements, it is more important than ever for organizations to take heed and make sure that they are in full compliance.
Apple’s iMessage is just one of many commonly used third-party messaging apps. If employees are using it, there must be a system in place to capture their business-related messages.
What are the iMessage Recordkeeping Requirements?
Recordkeeping requirements for those using iMessage for business purposes are the same as the requirements for all other electronic communications. The rules are determined by the relevant governing bodies, which include the SEC and FINRA in the United States, MiFID II in Europe and the UK, and IIROC in Canada.
While the rules may differ in various countries and industries, the basic requirements always include:
- The capture and archive of all business-related electronic messages.
- Storage of the data in an easily searchable and accessible manner.
- A defined amount of time for which the data must be stored.
- A compliance process in place.
How to Ensure iMessage Recordkeeping Compliance
There are two main elements involved in recordkeeping compliance – capturing the data and then archiving or storing it.
To be in compliance with recordkeeping requirements, companies must have a system in place that will enable them to capture the content of all iMessages used for business purposes. This applies whether the conversations are taking place on a company-owned device or an employee’s personal device (BYOD). Especially when dealing with personal devices, it is crucial to take privacy into account and ensure that the employee is fully aware that data from their personal phone is being captured.
To avoid these privacy issues, it may be preferable to require that employees use a specific business platform in order to communicate with clients. For example, LeapXpert’s “Governed Mode” allows users to to use iMessage with the Leap Work app and Leap Work for Teams so that they can communicate with clients on the platform of their choice while still remaining in compliance.
It isn’t enough to just capture iMessage data, it also needs to be stored for a defined period of time (generally 5-7 years, depending on the specific regulations). There can also be requirements as to the format the data must be stored in, and it must be easily retrievable and made accessible to regulators in cases of investigation.
Having one holistic system – like The LeapXpert Communications Platform, means having one end-to-end solution that captures communications from all platforms, including iMessage, in a way that is compliant with record-keeping regulations.
Schedule a demo to learn how LeapXpert can make sure your company is fully compliant.