AML / KYC Automation

AML/KYC automation with mCHECK™ - Frequently Asked Questions

Q: What is mCHECK™ and how does it contribute to KYC/AML processes?

A: mCHECK™ is a KYC/AML solution by Muinmos that efficiently verifies company and individual data, contributing to robust anti-money laundering and counter-terrorist financing processes.

Q: Why did Braithwate choose to partner with Muinmos for KYC/AML solutions?

A: Braithwate partnered with Muinmos to leverage mCHECK™, a comprehensive and modern platform that enhances KYC/AML processes, offering efficiency and effectiveness.

Q: What specific benefits does mCHECK™ offer for full company verification?

A: mCHECK™ provides comprehensive company verification, including ultimate beneficial owners, financial data, credit scoring, and corporate events, among other key details.

Q: How does mCHECK™ enhance individual verification processes, including screening for PEPs and sanctions?

A: mCHECK™ ensures thorough individual verification, screening for politically exposed persons (PEPs), sanctions, proof of identity (POI), proof of residence (POR), and adverse media.

Q: Can mCHECK™ integrate seamlessly into existing platforms, workflows, and CRMs?

A: Yes, Muinmos provides a robust API, enabling easy integration of mCHECK™ with existing platforms, workflows, and customer relationship management (CRM) systems.

Q: What sets mCHECK™ apart from other KYC/AML solutions available in the market?

A: mCHECK™ is unique for interfacing with numerous KYC/KYB/AML/CFT databases, offering instant access to multiple databases through a single solution/API.

Q: How does mCHECK™ provide constant monitoring of clients' profiles for continuous compliance?

A: mCHECK™ monitors clients daily throughout their lifecycle, generating alerts for relevant changes such as address modifications or new adverse media.

Q: What databases does mCHECK™ interface with, and how is the data vetted for reliability and accuracy?

A: mCHECK™ interfaces with various data sources vetted by Muinmos' experts, ensuring dependable and accurate KYC/KYB/AML/CFT clearance processes.

Q: Can you explain the role of mCHECK™ in transforming customer onboarding and lifecycle monitoring processes?

A: In partnership with Braithwate, mCHECK™ has transformed customer onboarding and lifecycle monitoring, allowing institutions to focus on business growth.

mCHECK’s comprehensive data sources facilitates the identification of Ultimate Beneficial Owners (UBOs), often reducing the time taken to conduct KYC checks from days to minutes.

Leveraging mCHECK™’s ongoing client monitoring functionality, clients have been able to make substantial savings in compliance, as the system automatically flags when a client’s risk profile changes outside the configured risk appetite. This means your teams can focus on business-critical cases, rather than manually reviewing files that often haven’t changed.

Q: What kind of industry-specific challenges can mCHECK™ address effectively?

A: mCHECK™ effectively addresses industry-specific challenges across sectors such as banking, payments, trading, and others by providing tailored KYC/AML solutions.

Q: How does mCHECK™ assist Financial Institutions with risk mitigation and combating financial crime?

A: mCHECK™ assists in risk mitigation through rigorous global KYC/KYB/AML/CFT checks, combating financial crime with comprehensive due diligence tools.

Q: What is the significance of mCHECK™ being cloud-based, and how does it offer a seamless experience for compliance users?

A: mCHECK™ being cloud-based ensures accessibility and a seamless experience for compliance users, especially when integrated with the Braithwate Compliance Cloud.

Q: Can you provide examples of successful client implementations of mCHECK™, especially in different industries or regions?

A: mCHECK™ has been successfully implemented across various industries and regions, streamlining KYC/AML processes for clients of all sizes.

Q: How does mCHECK™ work in conjunction with the Braithwate Compliance Cloud?

mCHECK™ seamlessly integrates into the Braithwate Compliance Cloud, offering compliance users a unified platform to monitor KYC/AML processes, conduct file reviews and manage remediation exercises.

Q: What is the pricing structure for mCHECK™, and how is it determined based on the volume of client reviews?

A: mCHECK™ offers attractive pricing based on the volume of client reviews, providing cost-effective solutions tailored to the needs of financial institutions.

Q: Can mCHECK™ be tailored to the specific needs of both small and large institutions?

A: Yes, mCHECK™ is adaptable to the specific needs of both small and large institutions, offering flexibility and scalability. We have successfully implemented mCHECK™ in a range of firms, from start-ups to large, internationally trading venues.

Q: How does mCHECK™ contribute to instant and automated KYC/AML checks according to predefined configurations?

A: mCHECK™ performs instant and automated KYC/AML checks based on predefined configurations, ensuring efficiency and accuracy in the verification process.

Q: What role does mCHECK™ play in assessing the level of risk for each client through its risk scoring feature?

A: mCHECK™ assesses the level of risk for each client by automatically connecting to the mRX™ module, providing a risk scoring based on relevant attributes.

Q: Can you elaborate on the geographic coverage provided by mCHECK™ and its compliance with global regulatory standards?

A: mCHECK™ provides global coverage from multiple KYC/AML data providers through a single integration, ensuring compliance with global regulatory standards.

Q: How does mCHECK™ adapt to changes in regulatory compliance standards, and how often is the system updated to reflect these changes?

A: mCHECK™ regularly updates to adapt to changes in regulatory compliance standards, demonstrating a commitment to staying current and meeting industry requirements.