Empowering compliance officers to do compliance, not data collection  

Remonda Kirketerp-Moller, CEO and Founder of Muinmos has been involved with RegTech for many years now. Coming from a Financial Services Legal background, Remonda and her team have leveraged their hands-on experiences to develop an award-winning onboarding solution that is right sized and fit for purpose for customers.  There are important factors for reporting entities in New Zealand regardless of size or industry. 

Muinmos when read in reverse is Latin for “dream” and Muinmos have made it their mission to be a dream come true for the financial compliance sector. “Structured automation through AI and Machine Learning is how we envisage 21st-century compliance.”

Muinmos seek to – “solve the entire onboarding puzzle for our clients.” To save compliance officers the need to spend their days collecting data and documents, and instead allow them to focus on actual compliance decisions. “We want to empower compliance officers to do compliance, not data collection.” 

There are lots of onboarding vendors out there, so how is Muinmos different from everyone else in the market? 

There are generally two types of onboarding solutions in market:

1. The ‘Data Finder’ – automates a small part of the onboarding journey. Like automated IDV or PEPs & Sanctions providers.

• Advantages: Automated, affordable, easy to integrate.
• Disadvantages: a financial institution needs many of them, a compliance officer needs to navigate between environments, no uniform terminology or scoring.

2. The ‘Workflow’ – digitises a large part of the onboarding journey.

• Advantages: covers a large part of the onboarding journey, adapted to the institution’s policies and needs.
• Disadvantages: not automated (a “check-list” type digitised environment), very expensive annual licence, 6-24 months integration (not a ready-made SaaS product).

Muinmos have taken the best of the two, to create the ultimate client onboarding platform – automating the entire onboarding journey, from KYC AML checks like IDV, PEPs, Sanctions, Adverse Media, Corporate Data extraction, Proof of Residence (eIDV), to automated client categorisation, suitability and appropriateness, to an automated risk assessment.

• Advantages: Automated (ready to use SaaS product), integration within days to a few weeks, fast and pleasant to the customer, comfortable to the compliance officer (one provider to deal with, all the data in one environment), instant remediation, cost-effective, fully configurable (to fit the institution’s own policies).

The Muinmos product consists of 3 integrated modules that can be taken individually or together. The recommendation for clients is to start with one e.g. mCHECK and add to it as demand grows.

mPASS™ is the only product in the market that harnesses AI to automatically perform suitability and appropriateness checks, client categorisation and all other parts of regulatory onboarding to simply answer the question “Can we offer this client product X with service Y in country Z?”

• Increases new business opportunities by identifying which products and services you can sell to which clients & in which jurisdictions.

mCHECK™ is a powerful KYC/AML solution that draws data from multiple data sources, analyses it and produces a “traffic light” style report containing a full detailed breakdown of the results.

• The module can be enabled with full monitoring capability, ensuring that the KYC/KYB reports are up-to-date around the clock.

mRX™ creates instant and automated client risk assessments based on all relevant factors including jurisdictional, client type and category, product and service offered, and KYC/AML parameters.

• The innovative regulatory matrix scores the risk on the basis of fully configurable parameters, and updates the risk score constantly based on input generated by the mPASS™ and/or mCHECK™ modules.

Muinmos does the end-to-end job simply and well. We have had a look at the product, and configuration seems straight forward and user friendly. It can be tailored to your own branding, integrated with your own CRM systems, and the workflow configured to your processes for both a good customer and staff experience.  The added bonus with Muinmos  is the ongoing real time checking, audit traceability delivering peace of mind that if regulations or customer situations change you can be on top of it.

We think Muinmos could be a great fit for New Zealand clients: If you would like to know more contact us.