ShareFile Blog

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

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?

Yes, Citrix ShareFile will act as designated third party (D3P) on behalf of a customer for content processed and stored using ShareFile. Additionally, Citrix will provide the customer a Letter of Undertaking that it may provide to FINRA.

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.