What does MAS say about telephone recording?
8.1 For investigating and resolving differences and disputes, quick resolution is facilitated by tape recordings of telephone conversations. The use of recording equipment in the offices of Banks and Brokers is strongly recommended. Firms should inform their counterparties and clients that conversations will be recorded upon installation of recording equipment. Firms should have internal policies to ensure they comply with appropriate data and tape recording retention requirements. In general, tapes should be kept for at least two months. Those dealing in longer term instruments such as interest rate swaps, forward rate agreements or similar other instruments where errors or discrepancies may only be discovered on the date when the first movement of funds is due to take place, should retain tapes relevant to these transactions for longer periods for the sake of prudence. Management should ensure that access to tapes whether in use or in store, is strictly controlled so that they cannot be tampered with. Firms should implement policies to ensure that appropriate confidentiality of taped conversations is maintained.
8.2 Management should recognize that mobile phones could be used to circumvent telephone recording and compromise confidentiality. They should adopt appropriate policies to restrict the usage of mobile phones in their dealing rooms.