How you can master KYC

Over the last 20 years, the provision of financial services has been heavily regulated across the world. The aftermath of the global financial crisis resulted in even stricter constraints, leading financial institutions worldwide to face penalties for non-compliance with both domestic and foreign regulations.

Remonda Z. Kirketerp-M?ller – Founder & CEO of Muinmos delved into that matter, explaining what her company is doing to better support financial institutions, with a particular focus on KYC – AML space.

Speaking on the subject, Remonda explained what her team at Muinmos have produced to help financial institutions thrive in the ever-evolving regulatory space. She said, “So what we have actually been doing for the past many years at Muinmos is actually segmenting those product offerings into mCHECK, mPASS and mRX.

The mCheck primarily focuses on the KYC AML clearances which everyone in the market should understand clearly and hopefully should be conducting today. That module in our case focuses on ensuring all the relevant clearances are done on a cross-border basis and ensures that the financial institution meets all the prevailing requirements to ensure their compliance.

“Our mPASS module focuses primarily on what I am talking about in our session today which is KYC and AML and how to ensure you categorise the client correctly. This is very important today in particular with post-Brexit requirements and also the suitability and appropriate clearances, they need to be met across borders, in terms of how it has been applied locally, in each jurisdiction, whether in the European Union or outside.

“You need to ensure that when you are dealing with cross-border business, you are meeting with the prevailing regulatory requirements in those jurisdictions - and that could be finding out if there is a licence requirement, and if you have it? Are you relying on reverse solicitation? What does that mean in that jurisdiction? How far can you go with it? And it definitely is not that straightforward.

“Our mRX focuses on ensuring that all these are tied together, meaning that if there are any regulatory changes, or key requirements/criteria, they are met on an ongoing basis by the financial institution.”

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About the Professional RegTech Certificate

The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators' perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.

The course stands out from others by providing a holistic view of the RegTech landscape, combining real-world case studies with insights from leading-edge RegTech innovators and senior leaders from financial institutions.

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