Former banker driven to start firm after ‘marvelling at duplication of work’
Automation takes the pain out of regulatory compliance
Alex Martin founded Miura Regtech in 2018. Photograph: Patrick Browne
While regulatory compliance is an essential part of any well-run commercial sector, meeting the requirements can absorb large amounts of time and money particularly for companies in the financial services industry. “In simple terms, a bank needs to ensure it complies with about 15 regulator rule books and regulations such as MIFID II [Markets in Financial Instruments Directive] and GDPR [General Data Protection Regulation] so they don’t get fined,” explains former banker Alex Martin, who spent 20 years working in the fintech industry in London, including seven in reporting and regulation.
“Banks prove their compliance with these regulations with upwards of 300 compliance documents and control reports which their compliance and audit teams check every year using what’s called a compliance monitoring programme. Keeping on top of new and changing regulations is a multibillion-dollar industry. Banks spent over €2.5 billion on lawyers and consultants to comply with MIFID II, with some of the larger banks spending in the region of €40 million to €50 million each,” adds Martin, who founded Miura Regtech in 2018 to automate the entire regulatory compliance process for financial services firms.