Sheer Markets deploys Muinmos to onboard traders in less than 3 minutes
“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.”
Sheer Markets has partnered with Muinmos to enhance onboarding and regulatory compliance, the CySEC-regulated broker announced.
The firm, which also holds a license from the LFSA (Labuan Financial Services Authority), went with the mCHECK automated module for all relevant AML/KYC/KYB requirements, but it obtained the additional modules mPASS and mRX.
mPASS is designed for full financial product, services and cross-border clearances including automated categorisation, suitability and appropriateness checks.
mRX is a risk management module enabling Sheer Markets to risk profile their clients based on their pre-configured risk parameters. That way, the broker has tapped a fully automated AI-based onboarding solution.
Onboarding clients in less than three minutes
Elif Kundakci, Executive Director and Head of Dealing at 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 Chief Executive Officer at Muinmos, said: “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.”
Sheer Markets is the place to go for NDFs, EMFX, and Crypto
The firm was founded in 2019 and soon became a go-to broker for non-deliverable forwards (NDFs), emerging markets currencies (EMFX), and Cryptocurrencies, but its trading offering includes many other instruments such as CFDs on FX, Equities, Indices, Commodities.
Sheer Markets has recently acquired a license from Labuan, Malaysa to address demand from non-EU traders and to expand into LATAM, Africa, Asia, and Oceania.
The broker offers a varied product range with over 1900 CFD instruments that can be traded through the most popular platforms in the industry.
Clients have access to dedicated account managers, trading tools, research, multilingual customer support, and timely payments, the firm said.
Sheer Markets is a trading industry innovator as it launched live streaming of NDFs for retail traders through the MetaTrader 5 trading platform.