13 March 2025, London/New York: SteelEye, the pioneering integrated surveillance provider trusted by financial firms worldwide, has partnered with electronic communications capture platform SnippetSentry to tackle the challenges surrounding off-channel communications and record keeping compliance in financial services.
This joint venture comes at a critical juncture in the industry, as the preservation and maintenance of electronic communications has been a top regulatory priority in recent years, especially in North America. Since December 2021, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have levied over $3.5 billion in fines against more than 100 financial firms for their record keeping failures. The SEC has already sent a strong message to start 2025, fining 12 firms a combined $63 million for failing to maintain required records of electronic communications.
Global regulators have signaled that they could soon be following suit. The UK’s Financial Conduct Authority (FCA) recently announced that it will not ban financial firms from using WhatsApp or similar messaging apps, with the expectation that they effectively capture and monitor staff communications across these channels to uphold the integrity of their staff’s financial conduct. Additionally, the Australian Securities & Investments Commission (ASIC) recently called on market intermediaries to strengthen their supervisory arrangements for recording and monitoring representatives’ business communications. These developments underscore the growing urgency for firms globally to adopt robust communications compliance solutions.
While regulators continue to emphasize the importance of capturing and preserving all business-related communications, many firms struggle due to the rapid adoption of non-traditional communication tools such as messaging apps and social platforms. This partnership positions SteelEye and SnippetSentry as essential allies in helping firms proactively address these issues.
SnippetSentry’s cutting-edge technology seamlessly captures, secures, and transmits communications from the big three of messaging platforms – iMessage, SMS, and WhatsApp – ensuring financial institutions meet their record keeping and archiving requirements. By integrating SnippetSentry’s capabilities with SteelEye’s surveillance offerings, financial firms can monitor staff communications more effectively, ensuring easier compliance with regulatory requirements.
Commenting on the news, SteelEye’s Chief Product Officer, Matthew Storey, said:
"As financial firms increasingly rely on platforms like WhatsApp for their daily business interactions, staying compliant has become more complex. Our partnership with SnippetSentry helps firms navigate these challenges by providing the tools to effectively capture and monitor electronic communications, reduce risk, and build confidence in their compliance processes.”
Eddie Green, CEO of SnippetSentry, added:
“In today’s fast-paced, digitally driven world, regulatory compliance cannot be an afterthought. By partnering with SteelEye, we’re enabling financial firms to navigate the complexities of modern communication compliance with confidence and precision.”
About SteelEye
SteelEye is the industry’s pioneering integrated trade and communications surveillance solution. We empower financial firms with the data-driven tools and complete insights they need to focus on what matters, all from a single platform.
State-of-the-art algorithms and intelligent alerts proactively detect market manipulation and compliance breaches, while our holistic data model – which combines communications, trades, orders, news, and market data – provides intelligent insights and deep analytics. Founded in 2017, SteelEye has offices in the UK, North America, Portugal, and India. For further information, visit steel-eye.com.
About SnippetSentry
SnippetSentry provides enterprise-grade communication capture and transmit solutions to help organizations meet stringent regulatory requirements. Supporting a wide range of communication platforms, SnippetSentry ensures seamless data capture, retention, and compliance with simplicity, security and reliability. For more information, visit www.snippetsentry.com.
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Integrated Surveillance | Trade Surveillance | Communications & eComms Surveillance
Record Keeping | Best Execution & Transaction Cost Analysis | MiFIR Transaction Reporting
