Cyprus based NDFs focused broker Sheer Markets has announced that it has selected Muinmos as its RegTech partner for fast onboarding and regulatory compliance.

Sheer Markets, which was founded in 2019, is regulated by CySEC and the LFSA (Labuan Financial Services Authority). The firm selected Muinmos’ complete and fully automated AI-based onboarding solution. This comprises of three modules: mPASS for full financial product, services and cross-border clearances including automated categorisation, suitability and appropriateness checks; mCHECK for all relevant AML/KYC/KYB requirements; and mRX, a risk management module enabling Sheer Markets to risk profile their clients based on their pre-configured risk parameters.

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 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.”

Sheer Markets provides clients with competitive, streaming access to a comprehensive instrument range, including non-deliverable forwards (NDFs), emerging markets currencies (EMFX), and Cryptocurrencies.

Muinmos’ product set includes a Regulatory Onboarding Engine, KYC/AML and risk management modules. Muinmos uses algorithmic rule-based AI and machine learning to help financial institutions onboard any client type in under three minutes and remain fully compliant as regulatory parameters change.