My bank is currently recording wire related phone calls (incoming and call-backs) and retaining them for 6 months. We record them because it allows us to prove that we did our part in the event of business email compromise. We recently discussed whether saving 6 months for this purpose is overkill, and maybe 1-3 months saved is all that's necessary. We rarely have referred back to these calls and if we do, it's in a shorter time frame. We also discussed whether there should be a $ threshold for recording.
I know there are no rules/regulations about recording, but I was wondering if others could share 1) whether their institution records calls, 2) the purpose(s) for recording them if different from ours, 3) if all calls wire related calls are recorded or if it's based on some criteria, and 4) how long you retain them for.
As background, we are a ~$600MM bank with almost completely commercial customers, and therefor high wire activity under $100,000 and some wires which are significantly larger.