Muinmos has been chosen by FinTech firm Sheer Markets for its fully automated AI-based onboarding solution.
The company’s onboarding platform comprises of three unique product modules – mPASS, mCHECK and mRX. mPASS is an AI-based Regulatory Onboarding Engine which instantly and automatically performs client categorisation, suitability & appropriateness checks amongst other things. mCHECK performs all KYC/AML checks instantly and automatically via numerous data sources and keeps monitoring clients throughout their lifecycle.
To give a complete onboarding solution, Muinmos also developed the mRX module which creates instant and automated client risk assessments based on all relevant factors including jurisdictional, client type and category, product and service offered, transactional and customer risk, and KYC/AML parameters.
Sheer Markets executive director and head of dealing 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.
“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.”
Muinmos founder and CEO Remonda Kirkterp-Moller added, “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.”
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