Technology for regulatory compliance is just starting to gather speed as MiFID III is next

RegTech software solutions have become especially popular in the aftermath of the introduction of MiFIR and MiFID I and II. As rumors across the market are already swirling about the third iteration of the MiFID directive, this particular sector of the fintech industry is likely to continue its development.

The former CEO of CFH Clearing, Lars Holst, appears to be sharing these views as he recently invested into RegTech solutions developer muinmos. He is joined by serial entrepreneur Lars Torpe Christoffersen.

muinmos has a cloud-based software product that is instantly and globally categorizing clients in accordance with MiFID II in the EU or any equivalent regulation in the rest of the world. The firm is founded by Remonda Z. Kirketerp-Møller.

Beyond KYC

The product instantly determines whether a financial institution can onboard a client to trade using a particular service or product and validates if those are legal in the country where the client is based. The software also clears anti-money laundering requirements (AML) by using a traffic light rating system with a full detailed breakdown of the results.

Lars Holst commented, “Remonda and her team have developed algorithms to systematize global regulations and have successfully created a single fully automated platform for client on-boarding. muinmos has an excellent product and some impressive clients – they are now ready to take the business to the next level. The organization has the potential to dominate the global RegTech space as it has a completely unparalleled product, based on sophisticated algorithmic rule-based Artificial Intelligence, for which there is a huge need from banks and brokers worldwide.”

“Remonda was a co-founder of CFH Clearing and, having worked with her previously, I am confident that her vision, expertise and commitment will be a great driver for muinmos’ success. I am looking forward to working with her again and playing a major role in the next phase of her business growth,” Holst elaborated.

Lars Torpe Christoffersen added: “muinmos has a unique proposition and a high caliber team. Its PASS software cuts down on-boarding time from weeks or months to just a few seconds, at a fraction of the cost of standard on-boarding processes. It also ensures continuous compliance by notifying the financial institution of any regulatory changes, 24/7. No other product in the world competes with muinmos and, in an environment of increasing regulation, this makes it a hugely attractive investment opportunity.”

Commenting on the investment, Remonda Z. Kirketerp-Møller stated: “This is a game-changing moment for muinmos. Having the investment from two highly respected and successful business leaders and industry experts provides a strong external endorsement of our success to date and global growth potential. We are a very ambitious business.”

Board Members

Lars Holst will join another CFH founder on the muinmos Board. The former Head of Treasury at Saxo Bank, Ashraf Agha, joined muinmos as a Board member in April 2017. His work in the financial sector for over 28 years includes eight years as Head of Treasury at Saxo Bank, three years as Chief Operating Officer of the Foreign Exchange business at Marex Spectrum, and three years as an Executive Director and co-founder at CFH.

While working there, he was accountable for all operations. Ashraf has recently held a number of roles involving Compliance and Due Diligence for FCA regulated firms and is passionate about the automation of procedures and processes.

Also on the Board is Michel Paul André, a founding member of the muinmos team and one of very few senior FinTech specialists. With over 22 years’ experience as architect and leader in the financial services industry, including 14 years as CTO at Saxo Bank, Michel specializes in internet trading platforms and other technology solutions requiring extreme reliability and scalability. He has a proven track record in technology transformation to meet changing business requirements.

Originally published on Finance Magnates.