Don’t Delay: Get Ready for Brexit
Published by Finance Magnates on 5 December 2020
Muinmos’ Top 5 Tips for Financial Institutions
All passporting rights will be lost when the UK leaves the European single market on 31 December 2020, explains Remonda Kirketerp-Møller, CEO of RegTech firm, Muinmos. This could cause issues for:
- UK-authorised firms that currently passport their authorisations into Europe.
- EEA-authorised firms that currently passport their authorisations into the UK.
On 31 December, these firms need to either stop operating in the countries they passport into, or gain separate authorisation there.
The UK Government was kind enough to provide EEA-authorised firms with a Temporary Permission Regime (TPR) allowing EEA-authorised firms to take on new business within the scope of their permissions, and under the Financial Services Contract Regime (FSCR) allowing EEA-authorised firms to run off existing contracts and to be able to continue as is during the TPR, which ends on 31 March 2022. Sadly, the EU has not reciprocated by putting in place similar arrangements. UK-authorised firms passporting into the EU still don’t know whether they will be allowed to continue operating as they do now. Without a clear framework in place, UK-authorised firms have been left in a state of confusion about what to do with regards to their clients in Europe.
Muinmos’ Brexit Checklist
Below are our top five tips to ensure that financial institutions remain compliant post Brexit:
- EEA-authorised firms taking on new clients/business in the UK need to notify the FCA of their intention to benefit from the TPR by 30 December 2020. For further information, visit: https://www.fca.org.uk/brexit/temporary-permissions-regime-tpr and https://www.fca.org.uk/brexit
- UK-authorised firms should find out the post Brexit specifics for every EU country where they do business – countries differ significantly from one another. Some EEA authorities have granted a TPR for a number of months post the transition period, other EEA states have decided against any TPR and in these cases, the UK-authorised firm may need to apply for a license locally if they wish to continue existing business and/ or targeting / onboarding new clients in those countries.
- Based on the current and future plans of where UK- authorised firms intend to conduct their business, it may make sense to incorporate an entity somewhere in the EU, get it locally regulated and utilise that to benefit from the passporting regime across the rest of the EU. This would eliminate the need to adhere to each member state separately which could be cumbersome and very costly.
- UK-authorised firms considering relying on the reverse solicitation exemption should review ESMA’s Q&A Chapter 13 (page 111) in order to understand the requirements. https://www.esma.europa.eu/sites/default/files/library/esma35-43-349_mifid_ii_qas_on_investor_protection_topics.pdf
- If anything is unclear, look at the relevant regulators’ websites. EU regulators understand that the current situation is putting a lot of firms under pressure, and many regulators in the EU have a designated page on their website on Brexit and its implications locally. If the information that you are looking for isn’t available on the website, contact the regulators directly. They are all extremely helpful and are there to assist the market in this difficult situation.
Muinmos Selected for Prestigious RegTech 100 List
Published by LeapRate and Finance Magnates on 2 December 2020
For the fourth consecutive year, automated regulatory compliance specialist, Muinmos has been included in the annual RegTech 100 - a list of the world’s most innovative RegTech companies.
The companies in the prestigious RegTech 100 list transform compliance, risk management or cybersecurity by solving a significant industry problem or generating efficiency improvements across the compliance function. They have been recognised as the best firms for addressing the challenge of dealing with regulatory pressures within financial services.
This year’s RegTech 100 companies were voted for by a panel of analysts and industry experts from a long list of over 1,000 organisations compiled by specialist research firm, RegTech analyst. The process to identify the 100 RegTech innovation leaders was more competitive than ever, with sixty-two new companies entering the RegTech100 for 2021.
The RegTech industry has experienced huge growth in the last few years as banks and financial institutions grapple with the unrelenting pace of regulatory change across all jurisdictions. Over $5bn has been invested in RegTech companies so far in 2020, according to data published by RegTech Analyst, as the compliance challenges have been exacerbated by the shift to remote work during Covid-19.
RegTech Analyst director of research Mariyan Dimitrov said, “Banks and other financial institutions need to be aware of the latest RegTech innovation in the market in order to avoid new compliance risks and stay competitive despite new regulations around customer onboarding and remote communication post Covid-19. The RegTech100 list helps senior management filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security and reporting.”
Remonda Kirketerp-Møller, CEO, Muinmos adds, “It is a real honour to have been selected yet again for the RegTech 100 – it is a fantastic endorsement of our market-leading technology. We have had an exceptional year at Muinmos, expanding into the US and Asia and also winning the Global Forex Award for Best RegTech Reporting Solution 2020. One of the most significant developments has been segmenting our proprietary Regulatory Compliance Engine into three separate modules, to give greater flexibility to compliance teams as we continue to gain further traction as an industry-leading RegTech firm.”
Muinmos proprietary Regulatory Compliance Engine is a one-stop solution for client onboarding in financial services. Under its mPASS™ module, it instantly and globally classifies/ categorises the client in accordance with MiFID in the EU or as equivalent in the rest of the world (KYCC), and instantly determines whether a financial institution can onboard a client to trade with it in a particular service (KYS), product (KYP) and country (KYCO) whilst performing complete Suitability and/ or Appropriateness assessments.
Under its mCHECK™ module, it clears the anti-money laundering requirements (AML) by using a traffic light rating system with a full detailed breakdown of the results and ongoing regulatory risk monitoring. This cuts down the onboarding time from weeks or months to seconds, at a fraction of the cost.
Under its mRX™ module, it automatically provides the financial institution with a risk profiling on its clients taking into account key attributes for risk monitoring purposes. mRX module notifies the financial institution of any regulatory changes 24/7, ensuring continuous compliance with complete risk management on all onboarded clients.
A full list of the RegTech100 can be found at www.RegTech100.com.
What will Brexit mean for UK FinTech?
11 November 2020
The UK is home to one of the world’s most thriving FinTech and RegTech communities, but Brexit has raised concerns about whether the future of the ecosystem is at risk.
Muinmos CEO & Founder, Remonda Kirketerp-Moller, shares what Brexit could mean for RegTechs and FinTechs based in the UK, in particular in terms of selling products and services cross border within the EU.
Let’s Talk About…RegTech Female Founders by RegTech Women
10 November 2020
Muinmos’ CEO & Founder Remonda Kirketerp-Møller participated in the event organised by RegTech Women ‘Let’s Talk About…RegTech Female Founders’ which was moderated by Lucy Heavens, Co-Founder of RegTech Women. The panellists had the opportunity to share information about their RegTech solutions as well as recommendations for other women looking to make their dreams a reality in the RegTech space. To review the presentation on-demand, please full this link https://bit.ly/MuinmosFemaleFounders
What are the biggest mistakes RegTech companies can make?
28 October 2020
The RegTech industry has proven resilient throughout the Covid-19 crisis, but vendors better avoid making big mistakes to ensure their future success...
Remonda Kirketerp-Moller, founder and CEO of RegTech company Muinmmos, has noted a similar trend among the vendors in the industry. “I am increasingly seeing a lot of organisations jumping on the RegTech bandwagon, launching new RegTechs which claim to do everything, yet don’t have a specific area of focus or solve a particular issue,” she says. “This is a real problem and is potentially very damaging to the RegTech sector.”
Muinmos Wins Global Forex Awards 2020 for Best RegTech Reporting Solution
10 June, 2020 - London, 10 June 2020, Wednesday – Muinmos’ proprietary regulatory compliance engine has been voted Best RegTech Reporting Solution in the Global Forex Awards 2020.
The Global Forex Awards 2020 - B2B are a celebration of businesses from around the world pushing the boundaries of innovation in B2B forex trading solutions. They champion the best performing providers of the B2B forex trading eco-system.
Why Brexit will continue to be a big challenge for financial services firms
23 March, 2020 - Despite being more than three years in the making, the UK’s divorce from the EU is still a cause of great uncertainty for financial services firms.
The negotiations have currently come to a stalemate as most European nations are busy dealing with the coronavirus outbreak. Not only has the pandemic put the negotiations on hold, but so has the fact that the EU’s head of Brexit negotiations Michel Barnier has tested positive for coronavirus. While there are rumours that the transition period may be extended beyond the original December 31 2020 deadline, nothing has been confirmed.
Will the UK remain a leading RegTech hotbed after Brexit?
16 March, 2020 - The UK may have been the European RegTech leader for years, but the question is if this could change because of Brexit.
Brexit could change the European RegTech market. The UK may have officially left the EU at the end of January, but that does not meant that Brexit is a done deal. Now, British negotiators spearheaded by David Frost have until the end of December 2020 to agree with their European counterparts what the UK’s and the EU’s future relationship should be like. Those negotiations will cover everything from fisheries to the rules regulating financial services firms. For the UK RegTech industry, this means that its position as the industry’s European leader might be up in the air.
Spotlight on women in tech for International Women’s Day
6 March, 2020 - Sunday March 8th will mark International Women’s Day — and despite progress, the fields of science and technology still experience gender inequality.
Below is a commentary from a selection of female representatives from the technology sector, expressing their views on what can be done to advance their fields. These women play prominent roles in the success of their companies, and provide showcase examples of women spearheading technological innovation.
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
- Ends –
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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.