As previously said, the mPASS™ module is designed to take care of the regulatory classification of a client. It is mainly relevant, of course, to FIs that offer investment services and financial products. Its aim is to supply these FIs with an answer to the following question:
“Can I onboard client V and provide them service X and product Y in country Z?”
In order to provide the FI with this information, the mPASS™ module’s AI engine has been pre-configured with the relevant legislative framework of many dozens of jurisdictions. It was also pre-configured with the particular permissions set in the FI’s regulatory license.
It takes this information, as well as the answers the client provides it, and does two things:
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Designs, in real-time, the client’s journey, according to the client’s answers, to be as short and legally-accurate as possible;
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Takes all the data gathered, and, on the basis of pre-configured parameters (which are not as configurable as the other two modules, as they derive directly from the relevant legal frameworks), performs Client Categorisation, Suitability and Appropriateness, and gives the Platform user the above mentioned determination (both in relation to the FI’s jurisdiction of license, and the applicant’s jurisdiction of residence).
The outcome is presented to the Platform user in the form of a report, which contains the above-mentioned information. The report also contains a RAG (Red, Amber, Green) form of indication.
In terms of process, the module’s process can be presented like this:
In terms of actions performed, the module performs the following actions:
