Automated regulatory compliance specialist muinmos has reportedly hired Jonas Nielsen, the former CEO of NetDania Markets.
Nielsen will join the RegTech as Business Development Director after spending eight years at FX platform, data and charting provider NetDania, according to LeapRate. His focus will be on expanding the company’s global client base and educating the market about the tangible business benefits of the firm’s flagship product, PASS, the world’s first fully automated cloud-based onboarding solution.
The RegTech’s team already includes Lars Holst, former CEO of CFH Clearing who is chairman of the Board; Ashraf Agha, former head of treasury at Saxo Bank and Michel Paul André, former CTO at Saxo Bank.
Nielsen and spokespeople for muinmos did not respond to a request for confirmation.
Based in Copenhagen, Denmark, muinmos’s PASS is software which instantly and globally classifies/ categorises the client in accordance with MiFID in the EU or as equivalent in the rest of the world (KYCC). It claims to be able to instantly determine whether a financial institution can on-board a client to trade with it in a particular service (KYS), product (KYP) and country (KYCO) whilst clearing the anti-money laundering requirements (AML) by using a traffic light rating system with full detailed breakdown of the results.
The solution cuts down the on-boarding time from weeks/ months, to seconds at a fraction of the cost. PASS automatically notifies the financial institution of any regulatory changes to ensure continuous compliance.
The cloud-based technology used together with a compliance “equation calculator/algorithm”, using AI by implementing a rule based expert system.
In May, muinmos partnered with NorthRow, a RegTech compliance software provider, to offer a ‘powerful combined fully automated solution’ to support client onboarding in the financial services sector.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
