RegTech startup Muinmos is offering businesses disrupted by the COVID-19 pandemic help to comply with regulations through these trying times.
The news comes after several regulators have eased up on the regulatory pressure on the financial industry. In the UK, the Financial Conduct Authority has proposed a three-month payment freeze for credit card customers struggling to pay because of the crisis. The Australian Securities & Investments Commission has softened some the rules around investments for similar reasons. And the European Securities and Markets Authority has relaxed some of the video communication monitoring requirements under MiFID II during the COVID-19 pandemic.
Nevertheless, many financial services firms may still find themselves struggling with the compliance pressure during the outbreak. For the duration of the crisis, Muinmos is offering its services to companies without any obligations to keep enlisting its services past the outbreak.
“I understand that the compliance process in any financial institution both big and small involves multiple process flows and references to print and secure documents that may not always reside online,” said Remonda Kirketerp-Møller, founder and CEO of Muinmos. “This can have huge implications with client confidentiality and speed of onboarding can certainly be greatly reduced when your teams are not able to be in the same location.
“This is why Covid-19 is potentially a point of disruption for many of us in the business of ensuring that clients are onboarded accurately and efficiently. My team and I are here to help and provide the assurance, if not the empowerment, to your sales, compliance and legal teams wherever they are so that it is business as usual for your institution’s onboarding process.”
The company’s solution is fully General Data Protection Regulation (GDRP) compliant and set up to help financial institutions to more easily onboard clients and avoid falling foul of anti-money laundering regulations.
Muinmos’ solution is cloud-based and backed up by artificial intelligence every hour of the week. Moreover, it is powered with full regulatory permissions pre-loaded and updated automatically.
Customers will also be able to enjoy full data encryption and they alone are able to decrypt their data. The company also offers advanced ability for full engine customisation that allows financial institutions to specify their own onboarding rules.
That is the solution Muinmos is offering its clients throughout the crisis. “All you have to do is send us an email indicating your interest alongside your institution’s name and contact details,” Kirketerp-Møller said, saying that the Muinmos team will then follow up to arrange a demo.
Copyright © 2018 RegTech Analyst
