Regulatory Compliance Revolutionized

Categorizations I Suitability and Appropriateness I Cross Border I Third Country | AML/KYC - Delivered Instantly

Regulatory Compliance Revolutionized

Categorizations I Suitability and Appropriateness I Cross Border I Third Country | AML/KYC - Delivered Instantly

What We Do

We automate client onboarding and regulatory compliance for financial institutions using algorithmic rule-based artificial intelligence (AI) - delivering compliance checks that instantly and globally validate whether a financial institution can onboard a client to trade with it in a particular service, financial product and country. The muinmos PASS solution enables financial institutions to systemize and streamline client onboarding while validating regulatory compatibility for a range of financial products and services on a national and cross border basis. PASS empowers financial institutions to realize and utilize the full potential of their global client base.

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Streamline and systemize client onboarding with the PASS regulatory engine

Client Categorizations: PASS enables clients to be correctly and instantly categorized in accordance with the relevant regulations (MiFID II in Europe and as implemented by each member state and as applicable in the rest of the world) by ensuring the required quantitative and qualitative assessments are conducted in accordance with both the domicile of the financial institution and the client.

Suitability and Appropriateness Testing: Client's knowledge and experience, financial situation and investment objectives as applicable are thoroughly assessed, and the suitability and/or appropriateness testing is conducted. PASS automates the mandatory assessments based on type of investment service, the type of financial product involved (complex or non-complex with applicable conditions) and the type of client. It is conducted in an efficient, accurate and client-oriented manner and in compliance with the prevailing regulatory requirements and guidelines. Financial institutions are provided with a full detailed report which includes clearance status and risk score breakdown. Assessments, including scoring and thresholds, which can be customized in accordance with the financial institution’s internal compliance policies and procedures.

Cross Border/Third Country Clearances: PASS enables compliant cross border and third country selling by securing the regulatory clearances of the financial institution’s clients from any part of the world, thus securing the products and services offered are permitted in the relevant jurisdictions at all times.

AML/KYC Checks: PASS conducts all relevant AML/KYC checks including; PEPs, Sanctions, ID verification and adverse media.

Streamline and systemize client onboarding with the PASS regulatory engine

PASS Workflow Configurations
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Client Categorizations: PASS enables clients to be correctly and instantly categorized in accordance with the relevant regulations (MiFID II in Europe and as implemented by each member state and as applicable in the rest of the world) by ensuring the required quantitative and qualitative assessments are conducted in accordance with both the domicile of the financial institution and the client.

Suitability and Appropriateness Testing: Client's knowledge and experience, financial situation and investment objectives as applicable are thoroughly assessed, and the suitability and/or appropriateness testing is conducted. PASS automates the mandatory assessments based on type of investment service, the type of financial product involved (complex or non-complex with applicable conditions) and the type of client. It is conducted in an efficient, accurate and client-oriented manner and in compliance with the prevailing regulatory requirements and guidelines. Financial institutions are provided with a full detailed report which includes clearance status and risk score breakdown. Assessments, including scoring and thresholds, which can be customized in accordance with the financial institution’s internal compliance policies and procedures.

Cross Border/Third Country Clearances: PASS enables compliant cross border and third country selling by securing the regulatory clearances of the financial institution’s clients from any part of the world, thus securing the products and services offered are permitted in the relevant jurisdictions at all times.

AML/KYC Checks: PASS conducts all relevant AML/KYC checks including; PEPs, Sanctions, ID verification and adverse media.

Step into the future of regulatory compliance with PASS

PASS is a cloud-based technology using algorithmic rule-based artificial intelligence (AI) to instantly and globally validate whether a financial institution can onboard a client from any part of the world. PASS categorizes clients, conducts suitability and/or appropriateness testing, conducts cross border and third country clearances, and delivers results instantly. PASS can be used as a stand-alone system or integrated into existing systems via API, enabling the automation of workflows with a full audit track. PASS automatically notifies financial institutions of any regulatory changes, ensuring continuous compliance for onboarded clients.

How PASS Works

PASS generates a powerful and intelligent digital assessment that captures and assesses all relevant and necessary facts about the client based on the given regulatory framework; including all applicable regulatory parameters taking into account the client’s knowledge and experience, financial situation and investment objectives. Client’s unique inputs and the relevant regulations (MiFID II, EMIR and as equivalent) of the applicable jurisdiction(s) are automatically analyzed through our regulatory engine in real time to assess all relevant facts about the financial instruments and services offered to instantly categorize clients and test for the suitability and/or appropriateness on a per product, per service, per country basis. Results are shown in a traffic light rating system, with a full detailed breakdown of the results.

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With PASS financial institutions can:

  • Systemize and streamline client onboarding while delivering a compliant, faster and more efficient client onboarding experience
  • Expand business opportunities with compliant client categorizations (e.g. retail clients that can be opted up to professional within the limits of the regulations)
  • Mitigate regulatory risk and reversal of transactions by ensuring clients are categorized correctly and the financial products and services offered are suitable and/or appropriate, thus ensuring investor protection throughout the client lifecycle
  • Facilitate global opportunities with instant cross border and third country clearances
  • Deliver full service offering by testing tri-party relationships where a fund manager/advisor is involved
  • Ensure continuous compliance 24/7 through the PASS regulatory engine

Frequently Asked Questions

What is PASS?

PASS is a cloud-based technology using algorithmic rule-based artificial intelligence (AI) to instantly and globally validate whether a financial institution can onboard a client from any part of the world. PASS categorizes clients, conducts suitability and/or appropriateness testing, conducts cross border and third country clearances, and delivers results instantly.

Who is PASS for?

Any financial institution in capital markets that is required to categorize clients and assess the suitability and/or appropriateness of financial instruments and investment services and cross border and third country clearance as part of their know-your-client (KYC) onboarding due diligence.

Which jurisdictions (regulations) does PASS cover?

PASS secures global compliance by applying all relevant regulations in the applicable jurisdiction(s) for its client base.

How does PASS instantly conduct categorizations and suitability and/or appropriateness testing?

Our AI driven regulatory engine ensures all necessary and relevant regulatory client information is obtained through the platform and crossed against all the relevant regulatory requirements within seconds. Our regulatory engine considers all relevant discrepancies in legislation from one jurisdiction to another to fully validate clearance on the client in a cross border and third country setting.

How does PASS integrate with existing systems?

Our AI driven regulatory engine allows us to offer a seamless compliance workflow for your customers and can be fully integrated into CRMs and onboarding platforms through our robust API.

How do you keep up with regulatory requirements?

Our regulatory compliance data is streamed through our AI Regulatory Engine in real time, securing continuous compliance throughout the client’s life cycle.

Does PASS offer anti-money laundering (AML) and Know Your Client (KYC) checks?

PASS offers a single solution for client onboarding including AML/KYC checks on PEPs and Sanctions monitoring, ID verification and adverse media for client onboarding. PASS can also integrate with your choice of AML provider.

Is PASS customizable?

Yes. Financial institutions can customize features using their own PASS organization under the configuration tab including, adding their own branding if used as a standalone and not API. muinmos’ Team offers full implementation support.

Our Story:

Founded in 2012, muinmos PASS revolutionizes regulatory compliance by enabling financial institutions to instantly and globally validate whether they can onboard a client in any part of the world. Our deep expertise in regulatory compliance is channelled through our technology to empower financial institutions to deliver a compliant, faster and more efficient client onboarding experience. PASS specializes in the following areas of the client onboarding experience: Client Categorisations, S&A, Cross Border and Third Country Clearances and Expert Advising.

Remonda Kirketerp-Møller

Remonda Z. Kirketerp-Møller

CEO & Founder

Lars Holst

Lars Birk Holst

Chairman

Lars Torpe Christoffersen

Lars Torpe Christoffersen

Board Member

Michel André

Michel André

Board Member

Ashraf Sleiman Agha

Ashraf Sleiman Agha

Board Member

Copenhagen Office:

+45 4029 9002

London Office:

+44 (0)74 1491 7380