Ask The Expert: Peter Halloway-Churchill

Please tell us about your background and current role

Over the last 30 years, I have built and run a number of regulated firms in the financial services sector and worked in London, USA, France and the Middle East. 7 years ago I founded HallowayChurchill Ltd, a London-headquartered consultancy, specialising in compliant business and risk adverse operations. We support both new firms applying for licences and existing/growing firms on how best to remain compliant and operationally efficient.

We are business consultants who advise on compliance and therefore our focus is very much on helping clients to understand which systems and processes they need to run their businesses efficiently, how to make money and maximise profits, and how to be compliant across different jurisdictions. We are technology provider agnostic – we always recommend the best solution to meet specific client needs.

What are your views on Muinmos’ client onboarding platform?

Muinmos is fabulous! It’s streets ahead of its competitors. We’ve recently done an exercise evaluating 10 firms relating to a need for low manual intervention, fast onboarding and solution flexibility. Muinmos was the clear frontrunner – it was by far the most comprehensive and the most cost effective.

When people see it, they love it. In my view, if you’re looking for an automated solution that is easy to use and helps you to stay compliant 24/7, if you aren’t using Muinmos’ platform, you are simply behind the curve.

What is it about Muinmos, in your view, that sets it apart from competitors?

Firstly, it is the most flexible system on the market. It is very easily customisable. Secondly, it performs continuous checks, which most systems don’t do. With many competitor solutions, a client can be fully checked out to meet requirements at the point of onboarding. However, if their situation subsequently changes – for example if new shareholders are added – the financial institution won’t be alerted and is therefore at risk of dealing with an entity it does not really know. Fines can be levied for non-compliance and “knowing your client” is a basic requirement. Thirdly – also unlike many solutions – Muinmos has a global solution. Its global client categorisation capabilities are second to none, even in countries like South Africa, Brazil or in the Middle East, where this can be challenging.

It’s also worth highlighting that Muinmos’ Founder & CEO, Remonda and her team have their fingers on the pulse when it comes to regulation. They know which regulations are being introduced and they adapt their systems to account for these. So many other systems are not this forward thinking.

HallowayChurchill staff have all run financial services businesses – we have a similar background and ethos to Remonda, the Management Team and the Board of Muinmos. As a result, the focus is on compliant business effective solutions not just compliance.

Do you recommend Muinmos for clients of all sizes?

When we first looked at Muinmos, we felt it was more suitable for larger clients and that smaller firms wouldn’t be able to justify the costs. However, when we fed this back to Muinmos they came up with a cost effective plug-and-play solution which is ideal for smaller firms. This is a great example of how Muinmos listens to feedback and continually evolves to meet clients’ needs.

How do you see the market evolving?

There is a growing need for automated technology to help organisations to remain compliant. Manual checks run the risk of error and take time. An effective reliable solution releases staff, keeps the business safe and saves on KYC costs. The market is expanding beyond the financial services sector, and beyond regulated firms. In the art sector, for example, there’s increasing demand for effective AML solutions. Art dealers need to know who they are buying from and selling to and they must avoid money laundering and financial crime risks. HMRC are getting tougher with this. Fines may be issued if firms are not compliant. The only way to be compliant in these situations is to have effective solutions in place which start with first class KYC.