Latest News

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:

  1. UK-authorised firms that currently passport their authorisations into Europe.
  2. 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:

  1. 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
  2. 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.
  3. 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.
  4. 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
  5. 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.  

Read Finance Magnates article.

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

Read the article on LeapRate.

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

About muinmos

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 –

For media information, please contact:

Vanessa Green, Wigwam PR

Tel: +44 (0) 1483 563 562 / +44 (0)771 333 2303 / Email: vanessa@wigwampr.com

Copenhagen Office:

+45 4029 9002

London Office:

+44 (0)74 1491 7380