mPASS™

Muinmos’ Regulatory Onboarding Engine maps thousands of regulatory parameters, legislation, permissions, rules and guidelines from around the world such as MiFID II client onboarding regulations. This enables us to deliver instant compliance results globally, with accurate Suitability and Appropriateness assessment, ensuring that financial institutions remain compliant throughout the client’s lifecycle, even as the regulations change.

We use algorithmic rule-based Artificial Intelligence (AI),  Machine Learning (ML) and Neural Nets to instantly and globally validate whether a financial institution can onboard a client to trade with it in a particular service, financial product and country.

mCHECK™ also differentiates from other KYC/AML platforms in that Muinmos’ expert team rigorously pre-tests the databases added to the mCHECK™ module. Muinmos only onboards dependable, trustworthy databases to ensure the KYC / KYB / AML clearance process is as reliable and accurate as possible.

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. 

Client categorisation has a huge impact on Suitability and Appropriateness assessments. Getting the categorisation wrong will impact the regulatory assessments which are triggered by the legislative framework based on the category of the client.

If the categorisation is wrong, the entire flow is wrong too, and the assessment of whether to enable the client to trade a financial product in a particular financial service in a given country will also be wrong, leaving the financial institution at risk of mis-selling and the client potentially without any regulatory protection.