Automated regulatory compliance specialist, muinmos has been selected to participate in the fifth cohort of the FCA’s Regulatory Sandbox.

The Danish RegTech organisation uses Artificial Intelligence (AI) techniques to help financial institutions to categorise and validate regulatory compatibility for a range of financial products and services on a national and cross border basis. Its product, PASS, is the world’s first SaaS solution to instantly and globally validate whether a financial institution can onboard a client from any part of the world using rule based algorithmic AI to categorise clients, conduct suitability and appropriateness testing and cross-border clearances on a per product, per service, per country basis.

Participation in the FCA Sandbox – which provides firms with an opportunity to test innovative products, services and business modelswill enable muinmos to further validate and expand its regulatory data coverage showcasing in the PASS rules engine.  muinmos believes this will lead to market-wide realisation that financial institutions can embrace new technologies such as AI to the highest standards of regulatory compliance.

Remonda Kirketerp-Moller, Founder and CEO, muinmos said, “Being chosen to be part of the FCA Regulatory Sandbox is a testament to our credentials, innovation and commitment to secure investor protection by helping financial institutions ensure regulatory compliance whilst streamlining and systemising their client onboarding process.

“As the world’s first fully automated cloud-based onboarding service, muinmos PASS is proving to be of great interest to banks, brokers and hedge funds as it helps them to optimise onboarding, mitigate risks of regulatory fines and speed up their processes.  Working closely with the FCA will play a major role in helping us to test specific parameters within our product, taking our business to the next level.”

The FCA received 99 applications to the fifth cohort of their Regulatory Sandbox, the largest number of applications they have received to date. A total of 29 businesses were accepted following a thorough vetting process. Applications were submitted from firms operating both in the UK and overseas and included digital identity solutions, platforms which tokenise issuance of financial instruments, and services aimed at facilitating greater access to financial services for vulnerable consumers.

muinmos PASS enables financial institutions to systemise and streamline client onboarding while delivering a compliant and more efficient KYC client onboarding experience, mitigating regulatory risk and reversal of transactions by ensuring clients are categorised correctly and the financial products and services offered are suitable and/or appropriate throughout the client lifecycle. The platform can be integrated with any system and ensures compliance 24×7.