Muinmos, a company that specialises in , has exclusively revealed to Finance Magnates a number of developments, including the company’s expansion and segmentation of its regulatory compliance engine.
Taking a look first at the company’s recent expansion, according to the statement seen by Finance Magnates, Muinmos’ regulatory compliance engine has been gaining traction in Europe, and, following the opening of the firm’s office in Singapore, has seen an uptick in clients from China, Hong Kong and Taiwan.
In particular, the regtech company has seen an increase in interest from Singapore-headquartered financial institutions with operations in the UK and Europe. Muinmos has also managed to secure a financial institution in the USA as an anchor client, allowing the company to start to fully explore the country’s market.
“We remain interested to anchor Muinmos as a global compliance engine. As such, we welcome the opportunities and challenges of any other country or region where our clients are from or wish to embark.”
Segmentation of Muinmos compliance engine
As part of the changes revealed exclusively to Finance Magnates, Muinmos outlined that, in addition to offering its regulatory compliance engine as a whole, it has also been divided into three separate product modules – mPASS™, mCHECK™ and mRX™.
According to the statement, by providing the engine in three tailored solutions, it provides financial institutions with greater flexibility for compliance teams preparing and navigating MiFID II client categorisation obligations mandated by ESMA which come into effect today.
“Muinmos has segmented our proprietary compliance engine into three parts so that clients are able to cherry-pick what is needed to complement or complete their current regulatory compliance needs,” Remonda Z. Kirketerp-Møller explained to Finance Magnates.
“For example, we have clients who may wish to continue using their existing AML provider while they utilise Muinmos mPASS for their client categorisation as well as Suitability & Appropriateness of financial products and services assessments. We find that having product modules would also allow us greater insights into various market needs and it also strengthens the fundamental understanding of Muinmos within the industry.”
COVID magnifies need for regtech solutions
The has influenced our lives in almost every way. That too is true when it comes to regulatory compliance. As highlighted by Remonda Z. Kirketerp-Møller, the pandemic has accelerated the need for rapid and virtual solutions for financial compliance.
“Sales, legal and compliance teams no longer have the advantage of being within the same building to manage client onboarding decisions. Muinmos offers global teams the benefit of being able to undertake the full spectrum of cross-border regulatory compliance in less than five minutes. Clients utilising our compliance engine are able to arrive at an onboarding decision concerning their potential clients much faster than how they have been doing.”
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