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.

Originally published on LeapRate and Finance Magnates.