Ross McGill, the Chairman and founder of TConsult Ltd, has a profound history in steering the company through two decades of regulatory evolution.
According to Muinmos, since its inception as a consultancy, TConsult has burgeoned into a notable RegTech player with a client base that spans 28 countries, primarily encompassing tier 2 banks and brokers.
Adaptation is crucial for staying relevant, and TConsult’s transformation into a RegTech firm highlights this. The introduction of the Tax Compliance Toolkit and the Investor Self-Declaration system (ISD) are prime examples of this adaptability. These innovations were developed in response to recurring inquiries from financial institutions struggling with the complexities of tax compliance.
The ISD, for instance, replaces traditional paper-based forms with a digital solution that embeds necessary tax logic, thereby facilitating compliance with FATCA, CRS, TRACE, and QI regulations more seamlessly.
Understanding the challenges from a customer’s perspective is essential. TConsult’s solutions focus on customer-centricity, which not only aids financial institutions in improving their compliance but also enhances overall user experience. Their systems provide tax forms in the user’s native language and offer on-screen assistance to guide customers through the compliance process effectively.
The collaboration between TConsult and Muinmos exemplifies the synergy between FinTech and RegTech sectors. This partnership has enabled the creation of a module within Muinmos’ KYC onboarding platform, which directly integrates with TConsult’s ISD. This integration not only simplifies the tax form completion process but also ensures that the collected data is immediately available in a machine-readable format, thus improving the efficiency of compliance processes.
The future holds immense potential for collaboration between FinTech and RegTech firms. By combining technological innovation with deep regulatory knowledge, these sectors can drive significant advancements in the financial ecosystem. The shift from paper-based to digital tax forms, for instance, is a substantial move towards more sustainable and efficient compliance processes.
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