Breaking
December 11, 2024

Regulation SnippetSentry tackles messaging app compliance | usagoldmines.com

As messaging apps become more popular, businesses and registered investment advisors will want to reach their customers there. But it raises compliance issues that SnippetSentry addresses. 

The mobile communications compliance solutions provider recently launched a fully customizable and scalable service for messaging app compliance. The SaaS-based product prioritizes streamlined processes, intuitive guidance, and quick access to enterprise-ready tools. Onboarding can be completed in three steps and less than three minutes.

Compliance is here to stay, so make it convenient

CEO Eddie Green said SnippetSentry’s vision begins by acknowledging that the focus on compliance will remain a priority. SnippetSentry also knows that people love using mobile communication apps, so understandably, companies want to serve them where they spend much of their time.

CEO Eddie Green said convenience is the highest priority for SnippetSentry.

That convenience extends to downloading the solution onto your device. Green said it takes only a few minutes. Once added, it works in the background, with the user experience unchanged. That practicality benefits companies of all sizes but serves smaller businesses or sole proprietors who don’t have compliance staff.

That up-front simplicity took some effort on the back end. Green said SnippetSentry had to be a native capture solution, not another app the user would have to download. The design team then prioritized the four most popular messaging services – WeChat, SMS, iMessage and WhatsApp. They account for most messaging traffic. Others provide a diminished return for the effort.

“We want everybody to be able to come in and, within three minutes, enroll and be done,” Green said. “It can only happen if it’s completely hands off; if it’s fully automated end to end. That’s what we focused on.”

Fully encrypted messages are passed through SnippetSentry and onto an archive company. They perform compliance checks and flag any concerns.

The regulatory focus is shifting

Green sees greater regulatory scrutiny on industry communications. It began with the big banks and is filtering down to mid-market players and even RIAs.

“I don’t think it’ll go quite as far as GDPR in Europe, but there we think it will be continued regulation and scrutiny,” Green said. “But as the workforce gets younger, it’s not reasonable to forego the efficiency people could otherwise have in our business because they have this exposure. 

“Recognizing that, that’s where we came in. The landscape is going to continue to evolve. We ought to be out in front of it, and we ought to just make it so that it’s simple to pass everything through and be confident you’re 100% compliant.”

There are limits on how and where people use their phones

Green sees a significant change in how companies approach cell phone use vis-a-vis compliance. It was assumed that employees would want to use their own phones for work, given their strong attachment to those devices.

“Originally, when we were first developing this product, we heard that most people are going to use their personal phones,” Green said. “That’s now reversed dramatically to almost without exception, we’re going with a corporate phone. We’re getting too much pushback from the younger employees.”

Tech and talk – the best ways to improve your product

As he watches for technologies that can improve service, Green breaks SnippetSentry’s service into four basic actions – capture, observe, engage and dispatch. Each is considered individually.

Observe and engage benefit the most from artificial intelligence. The focus is on accessing a sufficiently large enough body of information that captures the nuances of financial terminology.

“Everybody in the industry is struggling with how to get something that’s robust and well-rounded,” Green said.

In addition to considering technology, the other way to improve your product is to listen to customers. Green said they provide the best insights. Take those problems and apply them to technology instead of vice versa.

“Everybody is using AI, so it’s almost become a parody of a buzzword,” Green said. “AI is terrific, but you must know exactly what problem you’re applying AI to. Identify the problem first. 

“I’ve been doing venture capital for 28 years. I’ve seen many AI business plans come in, and frankly, half of them are completely ridiculous. “It’s a thought looking for a problem.”

Also read:

 The use of messaging apps raises compliance issues that SnipperSentry addresses. This issue is not going away for fintechs and banks. 

Recent:

Regulators | Brian Armstrong Calls SEC Commissioner Up for Re-Nomination a ‘Failure,’ Urges Senate T...
Regulators | Treasury Department’s FSOC Says Stablecoins Represent Potential Risk to US Financial St...
Regulators | ‘Bitcoin Jesus’ Roger Ver Moves To Dismiss Indictment for Allegedly Evading $50,000,000...
Regulators | Donald Trump Considering Chamber of Digital Commerce CEO Perianne Boring for CFTC Chair...
Regulators | Alex Mashinsky Faces 30 Years in Prison for Role in Collapse of Celsius Rhodilee Jean D...
Regulators | US Treasury Takes Action Against Five Individuals Who Allegedly Used USDT To Evade Sanc...
Regulators | Veteran Silicon Valley Investor David Sacks to Serve As Trump’s ‘White House AI and Cry...
Regulators | Coinbase FOIA Requests Unearth More Instances of U.S. FDIC Asking Banks To ‘Pause’ Cryp...
Regulators | Bitcoin (BTC) Smashes Through $100,000 Following Trump’s Pick of Paul Atkins for SEC Ch...
Regulators | Coinbase CEO Brian Armstrong Brands $213,000,000,000 Anti-Money Laundering Regulations ...
Regulators | JPMorgan Chase Paying $1,790,000 Penalty for Overcharging Clients in Singapore, Failing...
Regulators | Coinbase Chief Policy Officer Predicts Rapid Pro-Crypto Regulation After Donald Trump T...
Regulators | South Korea Opposition Party Agrees to Two-Year Moratorium on Crypto Asset Taxation: Re...
Regulators | Ripple CTO Calls on US Government To End All Indirect Regulation Including Alleged Deba...
Regulators | Powerful New York Regulator May Greenlight Ripple RLUSD Stablecoin As Soon as This Week...
Regulators | Coinbase CEO Says Elizabeth Warren and Gary Gensler Tried To Kill Crypto Industry As De...
Regulators | Trump Administration Looking To Put CFTC in Charge of Digital Asset Regulation: Report ...
Regulators | Ripple Chief Legal Officer Slams SEC for ‘Bragging’ About 2024 Enforcement Actions in N...
Regulators | Crypto Advocacy Group Coin Center Names Top Three Threats Against Digital Asset Industr...
Regulators | Tornado Cash Developer Says Court Has Derailed Appeal Efforts After Prolonging His Pre-...
Regulators | Possible Trump Pick for SEC Chair Outlines Plan To Position US as One of Global Leaders...
Regulators | Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary...
Regulators | Crypto Giants Scramble for Spot on Trump’s Promised Advisory Board: Report Mehron Rokhy...
Regulators | Trump Electoral Win a ‘Massive Game Changer’ for Crypto, Says Bitwise CIO Matt Hougan –...
Regulators | Five Alleged Scammers Federally Charged With Running Crypto Phishing Scheme by DOJ Dani...
Regulators | Texas Judge Tosses SEC’s Controversial ‘Dealer Rule’ After Lawsuit From Crypto Groups C...
Regulators | JPMorgan Chase Pays $40,000,000,000 in Fines and Settlements As US Bank Battles Hundred...
Regulators | Trump To Quickly Replace Gary Gensler After SEC Chair Announces Departure Rhodilee Jean...
Regulators | Former FTX Executive Gary Wang Avoids Prison Time After Building Crypto Surveillance To...
Regulators | Seven US Representatives Ask Treasury Secretary Janet Yellen Why Tornado Cash Remains O...
Regulators | Gemini’s Tyler Winklevoss Blasts SEC Chair Gary Gensler, Calls Him ‘Evil’ With ‘Sociopa...
Regulators | BTC Launderer Given ‘Lenient’ Three-Year Prison Sentence for Assisting With Bitcoin Fog...
Regulators | SEC Chair Gary Gensler Unlikely To Finish Term as President-Elect Trump Looking for Rep...
Regulators | Four Republicans Pen Letter to SEC and FINRA, Say Regulators ‘Complicit’ in Perpetuatin...
Regulators | Prominent US Prosecutor’s Office To Reduce Focus on Crypto Cases, Says Top Official: Re...
Regulators | Crypto Prices Cool as Fed Chair Jerome Powell Strikes Ambiguous Tone on Future Monetary...
Regulators | FBI Raids Polymarket CEO’s Home As DOJ Probes the Decentralized Betting Platform: Repor...
Regulators | Andreessen Horowitz Says Future of Crypto in US Is Bright, Sees Digital Asset Pathway t...
Regulators | Ex-Alameda CEO Sam Trabucco Agrees To Forfeit Two Apartments, Yacht and $70,000,000 in ...
Regulators | FTX Sues Binance and Changpeng Zhao for $1,800,000,000 Over ‘Fraudulent’ Transfers From...
Regulators | Former SEC Official Expects Gary Gensler To Resign, Says Regulator’s War on Crypto Now ...
Regulators | ‘Most Pro-Crypto Congress Ever’ – Brian Armstrong Says US Voted for 257 House Candidate...
Regulators | Bank of America Bracing for $800,000,000 Loss As Investigators Probe BofA, JPMorgan Cha...
Regulators | Embattled FTX Co-Founder Gary Wang Is Building US Authorities a Tool To Track Illicit A...
Regulators | Trump Appears Set To Keep Fed Chair Jerome Powell On Until His Term Ends in 2026: Repor...
Regulators | French Gambling Regulator Announces Plans To Probe Polymarket Following Big Wins on Tru...
Regulators | Bitwise CIO Matt Hougan Says Wall Street and Institutions Will Adopt Crypto Regardless ...
Regulators | 269 Pro-Crypto Candidates Voted In to House of Representatives and Senate: Stand With C...
Regulators | Billionaire Mike Novogratz Says Big ‘Step Change’ Underway for Crypto Industry Followin...
Regulators | Gemini Co-Founder Cameron Winklevoss Issues Election Warning, Says Harris Victory Will ...
Regulators | Circle CEO Jeremy Allaire Says Stablecoins To Become Regulated Financial Infrastructure...
Regulators | Coinbase Chief Legal Officer Uncovers 20 Instances of US Regulator Telling Banks To Sto...
Regulators | $19,800,000 To Be Handed To Apple Customers in Settlement With US Regulator and Trillio...
Regulators | Crypto Giant 21Shares Submits Registration Statement for XRP Exchange-Traded Fund Conor...
Regulators | U.S. Justice Department Indicts Russian National Over Alleged Crypto Market Manipulatio...
Regulators | Florida Owns $800,000,000 in Crypto Investments and Wants To Accumulate More, Says Stat...
Regulators | JPMorgan Chase Paying $100,000,000 To Customers As Bank Settles Wave of Allegations Fro...
Regulators | Joe Biden Thanks Nigerian President for Releasing Binance Executive Tigran Gambaryan Fr...
Regulators | Consensys CEO Joe Lubin Says SEC’s Abuse of Power Among Reasons Blockchain Firm Laying ...
Regulators | Ripple Founder Chris Larsen Predicts Regulatory Sea Change, Says War on Crypto About To...
Regulators | Google Hit With Staggering $20,000,000,000,000,000,000,000,000,000,000,000 Fine After B...
Regulators | Coinbase CEO Brian Armstrong Says SEC Should Issue Apology to American People – Here’s ...
Regulators | Circle CEO Jeremy Allaire Says Firm Still Eyeing IPO Despite Delays: Report Rhodilee Je...
Regulators | Tether CEO Paolo Ardoino Denies Rumors That Stablecoin Issuer Is Under Federal Investig...
Regulators | FDIC Warns Customers Holding $7,100,000 in Uninsured Deposits After Sudden Bank Failure...
Regulators | Tether Founder Paolo Ardoino Says US Is Dropping the Ball on Crypto Regulation Amid Run...
Regulators | Blockchain Firm Consensys Lays Out Plea for Clear Crypto Regulations in Open Letter to ...
Regulators | Money Laundering Charges Against Binance’s Tigran Gambaryan Dropped After Seven Months ...
Regulators | $35,000,000,000 Hedge Fund Brevan Howard Eyeing One Country for Its ‘Sensible’ Crypto R...
Regulators | ‘We’re Going To Be Broke Really Quickly’ – Billionaire Paul Tudor Jones Issues Warning ...
Regulators | 18 State Attorneys General Write Joint Letter To Release Binance Executive From Nigeria...
Regulators | Radiant Capital Working With US Law Enforcement To Freeze Stolen Crypto Assets After $5...
Regulators | Bank Runs Hit 22 US Lenders in 2023 As Wave of Panic Sank Silicon Valley Bank: New York...
Regulators | Donald Trump’s World Liberty Financial (WLFI) Token Sale Goes Live, Comes Up Short on F...
Regulators | US Government Launches Manhunt for Man Accused of Running $150,000,000 Crypto Scam: Rep...
Regulators | US Regulators Extract $19,000,000,000 From Crypto Firms Through Enforcement Actions Thi...
Regulators | SEC Taking Wrong Approach to Regulating Crypto Industry As Gary Gensler Directs Agency ...
Regulators | ‘Inmate at FCI Cumberland’: Former FTX Exec Ryan Salame Updates LinkedIn Title After Ju...
Regulators | Binance Executive Tigran Gambaryan To Stay in Nigerian Prison After Judge Rejects His R...
Regulators | $197,700,000,000 in Deposit Flight Hits US Banks in Three Months As Billions of Dollars...
Regulators | ECB Official Says Regulators Have Opportunity To Create New ‘Capital Market for Digital...
Regulators | US Banks Under Pressure As JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs ...
Regulators | $37,500,000 To Be Handed To People Who Bought Gas in Specific Place and Time As Energy ...
Regulators | US Court Approves FTX Bankruptcy Plan To Distribute up to $16,500,000,000 Worth of Payo...
Regulators | UAE Eliminates Value-Added Tax From Crypto Transactions in New Regulation Amendment Mar...
Regulators | 21Shares Calls on EU for Regulatory Clarity To ‘Unlock Crypto Opportunities’ in ETPs Da...
Regulators | Top Robinhood Executive To Potentially Replace Gary Gensler As SEC Head in Trump Presid...
Regulators | Mark Cuban Says FTX and Three Arrows Capital Would Still Be Operating if Gary Gensler H...
Regulators | Legal Expert Jeremy Hogan Says SEC’s Move To Appeal Ruling in Lawsuit Against Ripple a ...
Regulators | Banking Giant Paying $4,700,000 To Victims of Billion-Dollar Market Manipulation Scheme...
Regulators | SEC and DOJ Throw Support Behind Investor Class-Action Lawsuit Against Nvidia Over Alle...
Regulators | Pantera Capital’s Dan Morehead Says US Will Have Rational Blockchain Policy Regardless ...
Regulators | ‘Operation Kraken’ in Australia Seizes Over $6,400,000 in Crypto From Global Organized ...
Regulators | SEC Moves To Appeal 2023’s Landmark Ripple and XRP Securities Ruling | usagoldmines.com
Regulators | Fed’s Jerome Powell Dampens Hope for Big Rate Cut This Year, Says Policy To Move Toward...
Regulators | Ex-Chinese Vice Minister Urges China To Assess Cryptocurrencies Following US Bitcoin Pi...
Congressmen accuse Gensler of bowing to Warren’s ‘anti-crypto’ army, expose SEC internal divide | us...
SEC charges TrustToken and TrueCoin for misleading stablecoin investments | usagoldmines.com
SEC has the tools to provide clear guidelines but chose not to — Commissioner Hester Peirce | usagol...
Republicans urge SEC to drop SAB 121 crypto accounting rule | usagoldmines.com

Leave a Reply