Cyprus-based broker Sheer Markets announced on Wednesday its partnership with Muinmos, a regtech firm, for the integration of fast onboarding and regulatory compliance tools.
The broker is implementing the regtech’s complete and fully automated AI-based onboarding solution that comprises of three modules: mPASS™, mCHECK™ and mRX™.
mPASS™ is for full financial products, services and cross-border clearances, while mCHECK™ is the tool for know-your-customer (KYC) and anti-money laundering (AML) requirements. Lastly, mRX™ is a risk management tool that profiles the risk factor for each of the broker’s clients.
Commenting on the selection of Muinmos, the Executive Director and Head of Dealing of Sheer Markets, Elif Kundakci, said: “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.”
Multiple Licenses
Sheer Markets was founded in 2019 and is licensed in Cyprus and Malaysia’s Labuan. Offerings of the broker include non-deliverable forwards (NDFs), emerging markets currencies (EMFX) and cryptocurrencies.
Meanwhile, demand for regtechs like Muinmos is increasing speedily as financial services companies are trying to align their regulatory requirements with technological help.
“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 providing an enhanced customer onboarding experience regardless of where their clients are based,” Remonda Kirketerp-Moller, the Founder and CEO of Muinmos.
