New feature allows ShareFile to help financial firms comply with data archiving regulations

Written by on April 2, 2013 in Product - No comments

ShareFile now makes it easier for companies in the financial industry to meet government and industry regulations for record retention. ShareFile Archiving for Financial Services allows account holders to retain records that are uploaded or sent through the ShareFile SMTP email service for a minimum of three years. Account files, folders, sent messages, active and inactive links, and notifications are archived rather than deleted when no longer needed. When you enable archiving, you will be able to easily satisfy record-keeping requirements under SEC and FINRA rules.

Archiving FAQs

Is my ShareFile account eligible for archiving?

Archiving for Financial Services is initially only available to SMB firms that are on the financial corporate plan or higher. If your company does not have a corporate account, contact your account representative to upgrade and benefit from this feature.

If I use ShareFile archiving will I automatically be compliant?

Once the archiving feature is activated, your ShareFile records are stored in a manner compliant with most regulations. However, you should still adhere to compliance standards for files stored outside ShareFile. For example, emails and faxes not sent through ShareFile may still fall under certain regulations, but would need to be uploaded into ShareFile to meet compliance standards.

Is ShareFile a designated third party?

Although ShareFile is not a designated third party (D3P), we will work with your D3P to export all necessary records. Because our new archiving feature prevents a client or D3P from tampering with important records, we mitigate the risk of changes by removing the ability to overwrite or erase records.

What changes in ShareFile when you enable archiving?

When you enable archiving, the ShareFile main app will prevent the deletion of account files, folders, sent messages, active and inactive links, and notifications for a minimum of three years. The items are instead sent to an archive where they can be accessed at a later date as necessary. The feature ensures that all communication via ShareFile can be accessed by a D3P in compliance with record-keeping standards.


About the Author

Carmen is a marketing copywriter for ShareFile, where she writes for the web, blogs and a variety of product-related pieces. She workshifts from Chicago, which means her work environment may change on a daily basis. She previously spent five years working for her alma mater as a copywriter and editor while also completing an MBA.