Muinmos, a Danish RegTech firm, and cryptocurrency firm XBO.com partnered to improve how crypto exchanges onboard users. This collaboration promises speed, efficiency, and compliance with regulatory standards.

Automating Compliance

XBO.com's integration of Muinmos' software-as-a-service platform aims to improve users' experiences while strengthening the exchange's risk management capabilities.

According to a statement shared with Finance Magnates, Muinmos aims to enhance the platform's ability to monitor transactions and detect suspicious activities by automating Know Your Customer (KYC) processes, performing real-time client classification, and conducting continuous risk assessments.

"XBO.com is at the forefront of the crypto industry, and we are delighted they selected Muinmos when looking to take their KYC and onboarding to the next level, Remonda Kirketerp-Møller," the CEO of Muinmos said.

"Onboarding new users is one of the first interactions customers have with an exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and, with our platform integrated into theirs, XBO.com has a secure, automated system which enables quick, efficient, and compliant onboarding of users, enhancing the overall user experience for their clients."

XBO.com, through its partnership with Muinmos, is reportedly seeking to address these challenges by introducing an automated KYC and onboarding process. It aims to boost XBO.com capabilities in dealing with potential security threats.

Setting New Standards

The Muinmos platform enhances regulatory compliance by incorporating traditional KYC checks, corporate data verification, and client risk assessments into a single, efficient workflow. The integration aims to accelerate the registration and verification processes and strengthen the exchange's ability to mitigate potential risks. For crypto users, this translates into quicker access to services without sacrificing security.

In May, Muinmos and Blade Labs collaborated integrate client onboarding Platform of the former into the Digital Asset Platform of the latter. The partnership seeks to improve client onboarding process and address the challenges faced by compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term officers in the digital assets space.

Munimos offers a client onboarding platform with AI capabilities that aim to streamline the client onboarding process, including investor classification. This offering allows enterprises and financial institutions to determine whether they can onboard clients and provide them with specific services in a given jurisdiction while ensuring continuous updates of regulations, client information, and risk profiles.