Remonda, please give us a little background on Muinmos and why you decided to start the firm?
I set up Muinmos in 2012, having spotted a gap in the market to use technology to transform the compliance function. This was at a time when RegTech wasn’t yet a known term and many people in the industry thought that digitizing compliance would never be accepted or even possible in the financial services sector.
From my roles as Director and Global Head of Legal & Market Data at Saxo and Co-Founder, Executive Director and Head of Legal & Compliance at CFH (now Finalto), I had first-hand experience of the complexities and frustrations involved in client onboarding across multiple jurisdictions – across Sales, Compliance, and Legal functions.
I set up Muinmos – which when spelled backwards, is the Latin word for dream – to create a dream onboarding platform. This was a platform that would simplify and automate highly complex legal and regulatory requirements and transform the onboarding process in financial services, cutting down the time of onboarding from weeks/days to a few minutes, and enabling the financial institutions to onboard any client, anytime within minutes.
Tell us more about your pioneering client onboarding platform and how it differentiates from competitor products.
Our SaaS platform offers complete end-to-end onboarding of any client type in under 3 minutes and enables financial institutions offering instruments including securities, commodities, FX, CFDs and cryptocurrencies to onboard clients faster, at lower costs – without compromising on customer experience or compliance. It is the only solution on the global market to automatically and instantly perform all parts of the onboarding chain, from AI-powered Client Categorisation, Suitability & Appropriateness (a market unique capability), through to all types of KYC/AML checks via built-in connectivity to multiple data-sources, to comprehensive client risk assessments. The platform also performs constant monitoring, keeping financial institutions up-to-date with changes in regulation, clients’ details and risk profiles.
Muinmos’ platform is modular and flexible. The financial institutions that don’t require our entire ecosystem can pick and choose any set of components to enhance their existing onboarding capabilities. These can easily be integrated into their workflow.
Muinmos connects KYC checks, client classification and risk assessment (CRA), enabling the entire client onboarding process in less than 3 minutes
What sort of challenges are financial institutions, including many in the FX trading industry, facing when it comes to regulatory compliance?
Keeping up-to-date with the constantly changing regulatory landscape while ensuring compliance is a huge challenge, even for larger financial institutions. In fact, according to a recent Muinmos survey amongst over 100 financial services professionals, 42% cited that this was their most significant onboarding challenge. This is where we can really help them, with a fully automated client onboarding platform which incorporates up-to-date regulatory requirements across all key jurisdictions. Our platform ensures that financial institutions stay abreast of regulatory changes and risk profiles with continuous monitoring.
It’s impossible for brokers to be compliant without using technology of this level of sophistication – and yet so many of them (63% according to our survey) are still using either manual onboarding tools or a combination of automated and manual onboarding tools. No wonder they are finding the complexities of regulation such a challenge!
Our key team: Jesus E. Sanchez, CPO, Emil Kongelys, CTO, Remonda Kirketerp-Møller, CEO and Anders Kirketerp-Møller, Board Director
What are the challenges you are seeing in KYC?
In terms of KYC, the biggest issue is undoubtedly the data quality – at Muinmos, we go to great lengths to vet the data we use. Our KYC/AML solution screens against over 1,400 carefully selected databases, verifies identities globally, pinpoints ultimate beneficial owners and combats financial fraud.
To be effective, data has to be objective, properly sourced and in a format that is easy to review. We see far too many providers touting the large quantity of data they can provide, or the many sources they can pull from, but if the data isn’t objective, sourced properly, and presented in the right way, you are introducing inefficiencies and inaccuracies which can result in significant onboarding failures, delays and potentially fines.
An increasing number of FX brokers globally are choosing to work with Muinmos. Why are people talking about it revolutionising compliance?
It’s because we are the only RegTech firm to address all the pain points across the entire onboarding process. Muinmos connects KYC checks, client classification and risk assessment (CRA). The traditional client onboarding process is fraught with inefficiencies and fragmentation, and we use the latest technology, including cutting-edge, rule-based AI and robotic automation to simplify and streamline the onboarding process, providing an enhanced customer experience and significantly speeding up onboarding times for financial institutions. In this way, we do not only enable our clients to remain compliant, we also help them mitigate the churn many financial institutions experience in their onboarding process.
Remonda Kirketerp-Møller set up Muinmos to create a platform that would simplify and automate highly complex legal and regulatory requirements and transform the onboarding process in financial services.
Our proprietary AI engine which automatically classifies clients for product suitability and appropriateness on a cross-border basis is a game changer for compliance teams. It is truly innovative and has enabled us to stand out in the global market and gain recognition as a RegTech pioneer.
You have recently launched a new website and a strapline of ‘Connect It’. What is the meaning behind the ‘Connect It’ message and why is it so central to Muinmos’ strategy?
We are emphasising the ‘Connect It’ message to highlight the role we play in combatting fragmented processes, contradictory results, and superficial checks by seamlessly connecting and streamlining all steps of the client onboarding process.
‘Connect It’ reflects our commitment to seamlessly integrating KYC/AML checks and risk assessment solutions in a unified system which also covers client categorisation, suitability and appropriateness. By connecting these essential components, we ensure that customer onboarding is secure, complete, compliant and fast.
Our KYC/AML solution screens against over 1,400 carefully selected databases
Through our ‘Connect It’ message, we also want people to stop and think about the importance of connecting the different components in the onboarding chain. For example, many firms make separate agreements with each data source covering their KYC/AML requirements. This makes no sense, resulting in additional costs, fragmented data points, and the need to manage and integrate multiple providers. If you ‘Connect It’ all through one central platform, you can remove this huge layer of inefficiency, cut costs, mitigate risk, secure a higher level of compliance and provide the end client with a pleasant onboarding experience.
A spotlight on Muinmos’ Technology with Emil Kongelys, CTO
Munimos is a pioneer in the use of advanced technologies including AI. Please give us some examples of how you are leveraging them and the benefits of doing so.
From the outset, we recognised that an AI system driven by data and knowledge, rather than coded logic, would be ideal, given that we are operating in an industry with new regulations, financial instruments and data sources emerging or evolving daily. By integrating AI into the core of our onboarding engine, we can now update the engine with new regulations and requirements without any software modifications. This allows us to adapt to new regulations, such as MICA, within hours, ensuring our clients remain compliant across all products, services and jurisdictions.
Additionally, our AI engine provides a highly adaptable solution tailored to meet all onboarding requirements. Muinmos’ clients can select which components they want, and at any point configure more as required.” This results in a streamlined onboarding journey that gathers all necessary data while minimizing the time required for completion. Incorporating AI decision-making into the onboarding process has allowed us to reduce onboarding time from weeks to minutes in some cases by STP’ing the process, allowing compliance personnel to focus on the cases that actually require extra attention.
How easy is it to integrate with Muinmos and what flexibility do you provide for clients who may require more customised solutions?
It is incredibly straightforward! Most clients can be fully operational within a few days, after all it’s a SaaS platform. For those requiring more customised onboarding solutions, the system can accommodate nearly any requirement, from modifications to the onboarding process to the inclusion of specific data sources. Additionally, we offer a variety of APIs that facilitate seamless integration for any use case. The APIs are simple to use, and clients can choose the extent of their integration.
Another factor that simplifies the integration of Muinmo’s services, whether via API or within an organisation, is our thorough data cleansing and mapping. This ensures that regardless of the data sources used, the generated compliance and risk reports are consistent and easy to review. In fact, partnering with Muinmos can almost feel like gaining time! Once integrated, no further integrations are necessary, eliminating the fragmentation and overheads associated with managing multiple partners.
Muinmos recently achieved the ‘Gold Standard’ ISO 27001 certification – an endorsement of the company’s commitment to the highest standards of information security. Why was this such a major milestone for the business?
Achieving ISO 27001 certification is a major milestone for Muinmos because it demonstrates our commitment to the highest standards of information security. For our clients, this means enhanced security, increased trust and simplified compliance as it helps them meet their own regulatory requirements more easily; they can rely on our certified processes to align with global standards. It also gives us a competitive advantage, reassuring clients that we prioritise security and exceed industry standards.
Our AI engine enables A fully customised onboarding experience
‘Connect It’ reflects our commitment to seamlessly integrating KYC/AML checks and risk assessment solutions in a unified system
What opportunities do you see for Muinmos to set new standards for compliance in the fast-evolving digital asset marketplace?
Cryptos are becoming a credible asset class for financial institutions, with MiCA helping to drive further growth whilst also ensuring investor protection. We are already helping many clients who are offering digital assets, ensuring they have the data they need, whether it is related to wallets, the source of funds for those wallets or proof of a client’s wallets. Our platform also enables clients to answer the questions ‘Can I onboard that client? Can I offer them the crypto product that I’m about to offer? Can I offer it to them based on their classification? Can I offer it to them based on their jurisdiction?”
Bringing something previously unregulated under the umbrella of a regulatory framework is never easy but as digital assets become more mainstream, financial institutions will be required to abide by the regulations. Muinmos is ideally placed to facilitate compliant onboarding for clients offering digital assets so this is a huge growth opportunity for us.
Meet Jesus E. Sanchez, Chief Product Officer
What are prospective clients most impressed about when you talk to them about Muinmos?
In addition to our unique client classification, suitability and appropriateness capabilities, clients are most impressed by how centralised Muinmos’ entire onboarding process is. It solves the headache of fragmentation: having to use different sources to compile data (and review data in different platforms and different forms). It eliminates the need for requiring relationships with different sources and multiple platforms, and the data is compiled and presented in a manner that is easily accessible, reviewable and auditable. Add to that the ability to understand quickly if there are any potential issues or items that require further attention, and you don’t need any other onboarding solution.
As our engine is rule based, and clients can configure the specific checks they want to conduct, and how they want to score those results in terms of risk, it’s easy to STP clients who complete an assessment and require no further review. For those that do require some form of mitigation, it is all handled within Muinmos’ platform, from reviewing results, adding notes, accepting/rejecting false positives, setting thresholds, assigning a client risk score, monitoring, and the generation of comprehensive pdf reports that details your analysis. It is the ease of use and streamlined approach that always impresses the industry.
What are the biggest challenges you come across when speaking to prospective clients about Muinmos and how do you address these?
One key challenge for clients is the ‘after onboarding’ phase of client onboarding: ensuring the client maintains that eligibility. We offer comprehensive ongoing monitoring for Corporates and Individuals, as well as document monitoring. The full client lifecycle is important. We are seeing increasing demand for pKYC, transaction monitoring, reputational risk, etc. Waiting for ‘x’ number of months or years to re-evaluate a client will become a thing of the past.
Muinmos has won a number of awards. How does you client onboarding solution stand out in our industry?
We are a recognised industry leader and we stand out because the entire purpose of Muinmos is to help clients answer: “Can we offer product X to client Y in country Z?” It seems like a simple question, but we all know it is not. We work hard daily to help make answering that question a process that is efficient, accurate, and compliant. We also stand out because we view everyone we work with as partners, from clients to data providers to the regulators we frequently communicate with.
We also place emphasis on supporting our clients and our support team are always available to help clients. As an individual consumer I place high value on a company not just because they sold me a product, but how I am treated after the transaction takes place. We strive to be there for our clients when they need us, and it builds trust in Muinmos as an onboarding solution.
We stand out because the entire purpose of Muinmos is to help clients answer: “Can we offer product X to client Y in country Z?”
Muinmos when read in reverse is Latin for “dream”. How close do you think you’ve come to becoming the dream regulatory compliance solutions provider for financial institutions?
I am so proud of what we have achieved! Our platform is exactly what I envisioned when I drew my vision for the company on a napkin (which I still have!) 12 years ago. If I could have had access to a client onboarding platform with Muinmos’ capabilities when I was heading up compliance functions in financial institutions, it would have been a game-changer! I’m not sure that firms were ready to digitize compliance when I first set up Muinmos, but automation is now widely considered to be the way forward and this is why we’ve been experiencing rapid growth in recent years.
Muinmos’ platform is a cost-effective one-stop solution for a financial institution’s complete client onboarding needs.
It helps to optimise processes, enhance decision making and improve overall efficiency, accelerating client onboarding, reducing manual errors and ensuring adherence to regulatory standards, throughout the client’s lifecycle. It’s a dream for financial institutions and end clients going through the onboarding process.
Meet Anders Kirketerp-Moller, the newest Muinmos Board member
What experience are you bringing to Muinmos?
I joined the Muinmos Board from LEGO in May 2024 to play a major role in taking Muinmos to the next level. During my career I have advised owners and Boards of large global business on a wide range of matters including corporate structures, venture investments, expansion of activities and businesses, strategy and branding. I am leveraging this experience, working with Muinmos’ Executive Team and Management Team to drive significant growth. Last year was Muinmos’ most successful year to date – we are on a fast growth trajectory in a market with huge growth opportunities and my focus is on enabling Muinmos to seize these opportunities whilst also strengthening our brand worldwide.
It is both exciting and rewarding to join a Board comprised of industry leaders and business experts. Together with our truly exceptional Executive Team and talented teams across the organisation, I believe that we can make the dream come true for financial institutions worldwide. Muinmos can truly transform the onboarding experience in the global market!
What plans do you have for the next stage of the business and growing your global footprint?
We are on a mission to empower financial institutions with a cutting-edge platform which onboards clients swiftly, ensuring utmost compliance and unparalleled efficiency. There is significant demand for this from financial institutions across the globe, so we are hugely excited about our ambitious growth plans. We plan to grow organically and non-organically, including through partnerships.
We continually invest in product development. This includes embracing the latest technology as well as keeping the platform updated when new regulations and financial instruments are introduced.
In terms of growing our footprint, we are planning to expand our global presence by opening offices in the UK and USA well as well as in the Middle East and Asia.
It’s impossible for brokers to be compliant without using technology of this level of sophistication
