Challenges of MiFID II compliance
Financial brokers, banks, hedge funds and other investment firms are obliged by law to carry out client suitability and appropriateness checks.
However, a lack of efficiency and understanding of how to classify the clients, and how to conduct these checks, can massively increase the risk of providing an inappropriate service. This enables the client to trade inappropriately, resulting in non-compliance with MiFID II (and other global regulations) which can result in the reversal of trades, fines and ultimately destroy the firm’s reputation. NorthRow provides a solution without spending your entire revenue on international lawyers and compliance officers, or sacrificing the client experience.
Automate classification, suitability, appropriateness and cross-border assessments so your clients can invest in particular financial products and services in accordance with MiFID II.
We have partnered with global RegTech specialist, muinmos to deliver a complete onboarding solution to our clients. The muinmos PASS regulatory engine instantly maps a financial institution’s regulatory permissions across the globe, enabling users to perform accurate, risk-free processing of their clients in terms of classification, suitability and appropriateness on each product and service offered and cross border clearances. This, together with built-in governance workflows, which are essential for senior management and regulators, protects any financial institution from mis-selling.
GMO-Z.com Trade UK Limited is the world’s largest retail forex provider by volume. They needed a fast and seamless onboarding experience, whilst adhering to the highest compliance standards to distinguish themselves from its competitors.
Clients we have worked with
We work with our clients to digitally transform their onboarding, monitoring and compliance processes.