The Confusion of Client Categorisation Needs to Be Addressed
19 February, 2020 - In an exclusive op-ed, Remonda Z. Kirketerp-Møller tackles why the confusion of client categorisation needs to be addressed.
Categorising clients correctly has become so complex that it is no wonder so many financial institutions get it wrong. However, it is absolutely critical to categorise clients correctly from the outset in order to know which products and services to sell to them, to protect both the financial institution and the client, and to avoid significant fines for regulatory breaches.
Why banks still won’t take advantage of fintech skills
15 December, 2019 - Fintechs have the technology and expertise to transform core banking systems for incumbent institutions, so why aren’t banks taking advantage?
We’ve heard it all before: incumbent banks need to transform their legacy systems, whether to meet the shifting regulatory landscape or purely just to remain competitive.
But while many fintech firms have developed the software and solutions to help, they have felt pushed aside until relatively recently, begging the question whether they are trusted by the legacy players.
Technology vendors eye FX client onboarding opportunity
10 January, 2020 - Regulatory technology vendors are relishing the prospect of helping banks minimize FX client onboarding errors, but in a world where legacy systems remain commonplace, regtech is not always an easy sell.
Anti-money laundering (AML) and know-your-customer (KYC) regulations require financial institutions to carry out due diligence on their customers. Verifying the identity of these customers is a crucial step in this process and screening names against AML watchlists helps ensure that potential customers have not been associated with financial crimes.
Interview: RegTech 100 list and modernising the compliance function – muinmos Founder speaks
9 December, 2019 - Automated regulatory compliance specialist muinmos has earlier this year been selected to participate in the fifth cohort of the FCA’s Regulatory Sandbox. The Danish RegTech organisation uses Artificial Intelligence (AI) techniques to help financial institutions to categorise and validate regulatory compatibility for a range of financial products and services on a national and cross border basis.
muinmos Selected for Prestigious RegTech 100 List
26 November, 2019 - For the third consecutive year, automated regulatory compliance specialist, muinmos has been included in the annual RegTech 100 - a list featuring the most innovative companies from around the world which are transforming compliance, risk management and cybersecurity.
A panel of analysts and industry experts assessed over 1,000 companies for inclusion in the prestigious RegTech 100. The 100 companies selected for the list, from 25 different countries, were all recognised for their ground-breaking technology which solves a significant industry problem, or generates cost savings or efficiency improvements across the compliance function.
RegTech firm, muinmos has developed PASS, a market-leading regulatory compliance engine which instantly maps a financial institution’s regulatory permissions across the globe, enabling users to perform accurate risk free processing of their clients in terms of classification, suitability and appropriateness on each product and service offered and cross border clearances. This, together with built in governance workflows, protects any financial institution against claims for mis-selling. PASS is a SaaS based solution which uses AI to deliver real-time compliance checks, speeding up on-boarding, mitigating risks of regulatory fines and identifying new opportunities for financial institutions.
muinmos has gained significant traction since launching in 2012, with a growing client base consisting of brokers, banks and hedge funds. Its impressive team includes some of the industry’s most respected FinTech entrepreneurs and operational experts including Lars Holst, former CEO and co-founder of CFH Clearing who is Chairman of the muinmos Board; Ashraf Agha, former Head of Treasury at Saxo Bank, Michel Paul André, former CTO at Saxo Bank and Conor Ringland, whose previous roles include Chief Operating Officer at Concordium Foundation and CEO of Walbrook Capital Markets.
Remonda Z. Kirketerp-Møller, Founder and CEO, muinmos comments, “muinmos has been, building and enhancing our AI engine which includes global categorisation, suitability and appropriateness and cross-border clearances for the last five years. We have ensured that it complies with the ethical guidelines for AI: being lawful, ethical and robust and also enables financial institutions with complex regulatory risk from operating globally to have a deeper level of governance to protect themselves and their clients from mis-selling. Over the last year, we have seen a surge in interest, triggered by the pressures of increased regulation for financial institutions.
“RegTech is finally becoming a really energetic sector as financial institutions worldwide seek solutions to combat the costs and complexities of meeting regulatory requirements. They are increasingly recognising the benefits of using technology to reduce corporate and client risk. As the RegTech market has matured, it has also become more competitive – and so we are thrilled to have retained our position as a RegTech 100 company. We are very proud of gaining this external endorsement as a key player in our sector.”
According to Mariyan Dimitrov, Head of Research at RegTech Analyst, a specialist research firm and organiser of RegTech 100, “Employing RegTech solutions to modernise the compliance function is now mission-critical for financial institutions globally.”
The RegTech industry has established itself as one of the most important sectors within financial technology after seeing tremendous growth in the past three years. Over $14bn has been invested in RegTech companies since 2016.
The RegTech 100 list aims to help senior management and compliance professionals evaluate which solutions have market potential and are more likely to succeed and have a lasting impact on the industry. A full list of the RegTech 100 is available at www.RegTech100.com
muinmos’ cloud-based PASS software instantly and globally categorises clients in accordance with MiFID II in the EU or as equivalent in the rest of the world (KYCC), and instantly determines whether a financial institution can on-board a client to trade in a particular service (KYS), product (KYP) and country on a cross-border basis (KYCO) whilst performing the full suitability and/ or appropriateness assessments, thus securing against claims for mis-selling. It also clears the anti-money laundering requirements (AML) and know your customer (KYC) requirements by using a traffic light rating system with full detailed breakdown of the results via a single API.
PASS is a stand-alone system but can also easily be integrated into existing on/ offline on-boarding processes/ systems. For further information or to request a free demo, please visit www.muinmos.com
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For media information, please contact:
Vanessa Green, Wigwam PR
Tel: +44 (0) 1483 563 562 / +44 (0)771 333 2303 / Email: email@example.com
muinmos PASS appoints Conor Ringland as the new CCO
02 November, 2019 - muinmos, a Denmark-based automated regulatory compliance specialist, has announced the appointment of Conor Ringland as the Chief Commercial Officer. The new hire will focus on building the supplier’s sales channel and help in speeding up growth for muinmos’ PASS, a SaaS solution that utilizes AI for the delivery of real-time compliance checks for institutions.
Taking the fight: What do RegTech companies think about the EU potentially setting up a new authority to fight money laundering?
04 November, 2019 - European finance ministers are expected to urge the European Commission to set up a new anti-money laundering authority. Whilst optimistic, RegTech stakeholders expect challenges to come.
The EU is taking off the kid gloves against money laundering. European finance ministers have flagged that they intend to urge the European Commission to establish an anti-money laundering (AML) authority when they meet up in December. By doing so, the idea is that they will put extra pressure on banks and other financial services organisations to do their due diligence to prevent illegal money from being funnelled through their services.
muinmos names Conor Ringland as new chief commercial officer
01 November, 2019 - muinmos, an automated regulatory compliance platform, has named Conor Ringland as its new chief commercial officer.
Ringland will be based in London and focused on building the sales channel and global growth of muinmos PASS, a SaaS-based solution which leverages AI to offer real-time compliance checks for financial institutions, accelerating onboarding and mitigating risks of regulatory fines.
Industry Veteran Conor Ringland joins RegTech firm muinmos as Chief Commercial Officer
01 November, 2019 - Muinmos is an automated regulatory compliance specialist that has recently appointed industry veteran Conor Ringland as Chief Commercial Officer. Mr. Ringland will be based in London and will focus his work on speeding up the global growth of the company’s PASS (a SaaS solution that uses AI to deliver real-time checks for compliance for variety of financial institutions) and building up the entire sales channel.
Exclusive: muinmos selected to participate in the FCA Regulatory Sandbox
30 April, 2019 - LeapRate Exclusive… LeapRate has learned that automated regulatory compliance specialist muinmos has been selected to participate in the fifth cohort of the FCA’s Regulatory Sandbox.
The Danish RegTech organisation uses Artificial Intelligence (AI) techniques to help financial institutions to categorise and validate regulatory compatibility for a range of financial products and services on a national and cross border basis.
The RegTech 100 for 2019 announces the pioneering companies transforming compliance, risk management and cybersecurity
20 November, 2018 - The world’s most innovative technology solution providers that address the challenges of dealing with regulatory issues within financial services, were announced today by RegTech Analyst, a specialist research firm.
Interview - Client Suitability and Appropriateness Checks
17 September, 2018 - In the digital world of finance, financial institutions are facing unprecedented challenges when carrying out suitability and appropriateness checks before selling products and services to potential investors. Mi Business Mag had the opportunity to gain further insight into why and how these checks should be carried out.
Fintech Startups Tackling Regulations
19 June, 2018 - The world of fintech continues to expand each and every year and in the process has forever changed the way in which we interact with financial firms. This revolution has turned many industry segments on their head including payments, lending and crowdfunding, data and analytics, investing, digital currencies and many more.
muinmos teams up with NorthRow to offer automated onboarding solution
15 May, 2018 - RegTech software specialist muinmos announced that it has partnered with NorthRow, a complementary RegTech compliance software provider, to offer a powerful combined fully automated solution to support client onboarding in the financial services sector.
Former CEO of CFH Clearing Lars Holst Invests in RegTech Firm muinmos
26 April, 2018 - 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.
Holst and Christoffersen join board of muinmos
26 April, 2018 - Market-leading RegTech specialist, muinmos, has attracted investment from two industry heavyweights, both with a proven track record in growing successful global technology businesses.
Lars Holst, former CEO of CFH Clearing, and serial entrepreneur, Lars Torpe Christoffersen have joined forces to invest in the automated on-boarding organisation which was founded by Remonda Z. Kirketerp-Møller in April 2012.
Exclusive: Lars Holst invests in Regtech firm muinmos
26 April, 2018 - LeapRate has learned that former CFH Clearing co-founder and CEO Lars Holst has invested in, and joined the board of, Regtech firm muinmos. He was also appointed as Chairman of muinmos, and will play an active role in the company.