Cypriot broker, Sheer Markets has selected Muinmos as a RegTech partner for fast onboarding and regulatory compliance.
Founded in 2019, Sheer Markets is regulated by CySEC the LFSA (Labuan Financial Services Authority). The company provides clients with streaming access to instruments such as non-deliverable forwards (NDFs), emerging markets currencies (EMFX), and cryptocurrencies.
The company has selected RegTech firm Muinmos for its complete and fully automated AI-based onboarding solution which includes three modules. The first one is mPASS – a regulatory compliance engine which provides regulatory clearances including automated categorisation, suitability and appropriateness checks. mCHECK is a KYC/AML solution, connected to numerous vetted data sources and mRX is a risk assessment tool.
Muinmos uses algorithmic rule-based AI and machine learning to help financial institutions onboard clients of any type in less than three minutes and remain fully compliant with changing regulation.
Elif Kundakci, Executive Director and Head of Dealing, Sheer Markets commented:
We started out by doing extensive research to find the best client onboarding provider – a company with a deep understanding of regulations in Europe and the rest of the world. We wanted them to cover cross border regulations in real-time as well as screen applicants instantly for KYC/AML, PEPs & Sanctions and also instantly perform the eIDv (electronic Identity Verification) and address checks. Muinmos topped the list with their mCHECK™ module and provided so much more with the additional modules of mPASS™ and mRX™. They ticked all the boxes in terms of technology, accuracy and compliance and also provided ongoing monitoring and regulatory reporting.
Integrating with the Muinmos API was quick and easy and we are already reaping the benefits of partnering with Muinmos – we can onboard clients in less than three minutes and have received excellent support. In addition to its technologists, the Muinmos team consists of a number of Legal and Compliance experts and we have really benefited from their insight and knowledge.
Remonda Kirketerp-Moller, Founder and CEO, Muinmos said:
Remonda Kirketerp-Møller
We are thrilled to have been selected by Sheer Markets. With their CySEC (CIF) licence to service clients in the EU and an offshore licence from the LFSA to service clients in the rest of the world, they have a truly global client base. Acting with integrity and remaining compliant at all times is a key priority for the brokerage and Muinmos is ideally placed to help them to effectively navigate the complexities of onboarding clients across multiple jurisdictions, ensuring ongoing compliance and provide an enhanced customer onboarding experience regardless of where their clients are based.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
