BCP: Not recording phone conversation leads to fine of 50 thousand euros

Deepak Gupta July 20, 2022
Updated 2022/07/20 at 5:09 PM

Banks are now required to record and save all communications (telephone or electronic) they have with customers when it comes to selling retail products and services. Storage is mandatory for a period of five years and can be extended to seven years if so determined by the regulators.

The CMVM recently imposed a fine of 50,000 euros on BCP for not recording a telephone conversation with a customer.

The Securities Market Commission (CMVM) imposed a fine of 50 thousand euros on BCP for breaching the duties of financial intermediaries, namely for not having recorded orders transmitted by telephone by the customer.

According to information made available today on the website of the CMVMBanco Comercial Português (BCP) “did not set the orders transmitted to it by telephone by the customer on 22 January, 10 May, 24 May, 1 July and 17 November 2016 to a phonographic support”.

“With his conduct, the accused [BCP] violated, on five occasions, the duty to establish in phonographic support the orders received orally, provided for in article 307 - B, no. 6, of the CdVM [Código dos Valores Mobiliários], which constitutes the practice of five very serious offences, punishable, each one of them, in accordance with the provisions of articles 397, no. 2, al. e) and 388, no. 1, point a), of the CdVM, with a fine between €25,000.00 (twenty-five thousand euros) and €5,000,000.00 (five million euros)”, consider the regulator.

BCP: Not recording phone conversation leads to fine of 50 thousand euros

“In view of the circumstances of the case, the Board of Directors of the CMVM decided to impose a single fine on the defendant in the amount of €50,000.00 (fifty thousand euros)”, he adds.


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