“Given the increasing regulatory demands, our clients have eagerly anticipated this integration. Partnering with TConsult, one of the industry’s foremost tax experts, allows us to offer a comprehensive solution. By embedding digital tax certifications into our onboarding processes, we provide a more efficient, risk-mitigated approach to client initiation.”
In a significant move to streamline client onboarding and tax certification processes for financial institutions, Muinmos and TConsult have announced a partnership.
Muinmos will integrate TConsult’s innovative Investor Self-Declaration platform (ISD) into its Client Onboarding Platform, eliminating the need for multiple paper-based tax certification forms.
Single digital tax residency self-certificate satisfies various global withholding tax regulations
Both Muinmos and TConsult’s platforms are designed with a singular aim: to make compliance more streamlined, secure, and efficient. The integration will allow financial institutions to use a single digital tax residency self-certificate that satisfies various global withholding tax regulations.
TConsult’s ISD platform, which has been under development for over three years, offers a unified digital document conforming to several international tax regulations. These include the US FATCA anti-tax evasion rules, the OECD TRACE framework, the OECD Common Reporting Standard (CRS), and the US Qualified Intermediary (QI) norms.
Kirsty Pitkin, CEO of TConsult, explained: “We aimed to create a comprehensive digitally signed document that would meet multiple global tax regulatory standards, thereby simplifying the compliance process for financial institutions.”
Remonda Kirketerp-Møller, CEO and founder of Muinmos, said: “Given the increasing regulatory demands, our clients have eagerly anticipated this integration. Partnering with TConsult, one of the industry’s foremost tax experts, allows us to offer a comprehensive solution. By embedding digital tax certifications into our onboarding processes, we provide a more efficient, risk-mitigated approach to client initiation.”
The challenges with paper-based self-certifications are substantial. Out of an estimated 900 million such certifications globally, more than 60% are not adequate, thereby exposing financial institutions and beneficial owners to significant regulatory risks. By adopting a digital approach like the one TConsult offers, errors associated with traditional paper forms can be drastically reduced. This not only ensures compliance but also simplifies tax treaty benefits, offering a multi-lingual interface for users across the globe.
Muinmos offers onboarding and regulatory compliance in the form of three products: mCHECK, an automated module for all relevant AML/KYC/KYB requirements; mPASS, designed for full financial product, services and cross-border clearances including automated categorization, suitability, and appropriateness checks, and mRX, a risk management module enabling Sheer Markets to risk profile their clients based on their pre-configured risk parameters.
