Denmark-based Onboarding Solutions Specialist Muinmos announced that it has signed an agreement with TConsult to integrate TConsult's Investor Self-Reporting Platform (ISD) into Muinmos's customer onboarding platform。The new partnership will allow Muinmos's customers, typically financial institutions, to automatically obtain ISDs without having to use multiple paper tax certification forms to record the customer's tax status.。

TConsult's ISD platform, part of the company's Tax Compliance Toolkit, is built on the same principles as Muinmos's Client Onboarding Platform - making compliance simpler, safer and easier.。TConsult's ISD platform allows financial firms to claim a single digital tax resident self-certification to meet financial firms "obligations under different withholding tax regulations around the world.。

TConsult CEO Kirsty Pitkin said:

"Our ISD platform is the result of more than three years of work to establish a single digital electronic signature document that complies with the U.S. FATCA anti-tax evasion regulations, the OECD TRACE source tax reduction framework, the OECD Common Reporting Standards (CRS) and the U.S. Qualified Intermediaries (QI) source tax reduction regulations."。

Financial firms worldwide are already subject to a number of different extraterritorial and domestic anti-avoidance laws, most of which require due diligence on account holders based on self-certification by tax residents.。It is estimated that there are currently more than 900 million self-certifications in circulation worldwide, almost all of which are on paper, and more than 60 per cent of these self-certifications are not fit for purpose - exposing beneficiary owners and financial institutions to the risk of serious violations of anti-tax regulations and excessive tax deductions.。

Like Muinmos, TConsult has built its own ISD platform to deliver a streamlined digital user experience.。In this way, investors can self-declare tax residency by electronic signature and, where applicable, apply for tax treaty benefits, whereby financial institutions can meet their regulatory obligations and provide a basis for reducing dividend tax rates in accordance with the provisions of double taxation treaties.。The ISD platform uses multiple languages to make the account holder experience easier。The API between ISD and the Muinmos platform ensures that, to the extent allowed by regulators, account holders only have to provide information once。TConsult's proprietary tax logic, which is the basis of the ISD system, ensures that errors are eliminated. When using paper forms, the error rate usually exceeds 60%。

Remonda Kirketerp-Møller, CEO and founder of Muinmos, said:

"This is a very important development for us.。Our clients have been asking for all regulatory requirements for the onboarding phase to be consolidated into one platform for some time, and we are excited to work with the industry's leading tax experts to achieve this goal。Most financial companies have incorporated tax certification into the onboarding process to reduce costs and risks, thereby responding to increasing regulatory pressures。The Muinmos platform gives them full control of the onboarding process and now, thanks to the partnership with TConsult, they can incorporate digital tax certification into a single, seamless onboarding process.。

About Muinmos

Founded in 2012, Muinmos has developed the only customer onboarding platform that fully automates the entire customer onboarding chain, from AI-driven customer classification to fully automated KYC / AML checks and customer risk assessments.。Its award-winning platform also provides continuous monitoring to stay up to date on changes in regulations, customer details and risk profiles。

Using Muinmos technology, financial institutions can complete the registration of any type of customer (business or individual) in three minutes。Muinmos's platform is an out-of-the-box SaaS offering that can be easily integrated in a matter of weeks or used as a completely white-label, stand-alone system。

About TConsult

TConsult is a UK-based tax regulatory compliance specialist with financial clients in 27 countries.。The company specializes in cross-border withholding tax compliance and tax business processing.。TConsult and Muinmos are also founding members of the Association of Qualified and Authorized Intermediaries。