Industry
Transcription for Financial Services — MiFID II, BaFin, AML Act
Record advisory conversations, transcribe them, and archive with word-timestamped audit trails.
Investment and insurance advice has been subject to recording and documentation duties under MiFID II Art. 16 since 2018. DeepScript transcribes advisory and sales conversations with word-level timestamps so every statement remains traceable years later — a BaFin-compatible audit trail. Custom Vocabulary recognises ISIN codes, product names and regulatory terms (BAIT, MaRisk, AML Act). The entire pipeline runs on our own servers in Germany; a 45-minute advisory session costs €0.20 on Premium.
Compliance
- MiFID II Art. 16 recording duty
- Audio + transcript + word timestamps fulfil the five-year recording duty (extendable to seven years on BaFin order).
- BaFin-compatible audit trail
- Every word sequence with confidence and speaker label, audit log of all access and edits — directly auditable.
- BAIT/MaRisk-aligned
- ISO 27001, mandatory 2FA, IT security per BAIT/VAIT requirements, documented TOMs for internal audit.
- AML Act-aligned
- Identification and advisory conversations in the context of anti-money-laundering law can be transcribed and archived in an audit-proof manner.
Typical workflows
- Documenting investment advice — word timestamps for every risk-disclosure statement, archived MiFID II-compliantly.
- Logging insurance sales conversations — advisory and sales documentation with clean adviser/client diarization.
- Transcribing loan advisory — credit and risk conversations cleanly captured with ISIN and product vocabulary.
- Documenting compliance training — internal sessions on BAIT/MaRisk/AML Act with audit-proof transcripts.
Recommended setup
- Model
- Premium (€0.27/hour) — highest accuracy, DACH dialect optimization, priority queue.
- Vocabulary
- Add ISIN codes, WKN, product names (fund and policy names), regulatory acronyms (MiFID, BaFin, BAIT, MaRisk, AML Act, KWG) to the vocabulary.
- Exports
- Structured DOCX for the client file, JSON for archiving in audit-proof document management.
What a workflow looks like
- 1
File the DPA and BAIT TOMs
File the Art. 28 GDPR DPA and TOM documentation in the compliance folder — both are expected in the annual IT audit.
- 2
Set up Premium + finance vocabulary
Premium for terminology. Vocabulary with current ISIN codes, WKN, tariff and fund names — ideally maintained automatically from the product master.
- 3
Record the advisory conversation
Upload recordings from the phone system or use live transcription in the app. Risk disclosures stay findable to the exact moment via word timestamps.
- 4
Archive in audit-proof storage
Structured DOCX into the client file, JSON into document management with retention of at least five — and if required seven — years.
Frequently asked questions
Does DeepScript meet the recording duty under MiFID II Art. 16?
Yes. With the Pro plan audio is retained permanently, and the transcript plus word timestamps satisfies the requirement to store records in a traceable form. The five-year retention — extendable to seven — is configurable.
Will the audit trail be accepted in a BaFin special audit?
The word-timestamp audit trail plus access audit log meets BaFin's expectations for an at-any-time auditable record. On request we provide a BAIT/VAIT mapping table to our technical measures.
How reliably does the system recognise ISIN codes and product names?
Very reliably — with Custom Vocabulary. Add ISIN codes, WKN and current product names to the vocabulary; Premium then gives those entries elevated weighting. We recommend a daily sync from the product master via API.
Can we document both phone and in-person advisory in the same system?
Yes. Phone system recordings can be uploaded via API, in-person advisory either by upload from a dictaphone or via live transcription. Both end up in the same audit trail.
Where are advisory recordings stored?
Exclusively on our own servers in Germany, ISO 27001 certified. No US cloud provider sits in the audio path — Stripe (billing) never sees audio content.
Is this the right fit for your firm, hospital or agency?
Three transcriptions free, no credit card. Data stays in Germany. DPA ready to sign at /trust-center.