GMO-Z.com Trade UK

GMO-Z.com Trade UK Limited is the world’s largest retail forex provider by volume. They wanted to distinguish themselves from their competitors by providing a fast and seamless onboarding experience whilst adhering to the highest compliance standards.

“The integration of Muinmos and NorthRow will enable us to provide a fast, simple, and compliant onboarding process for our institutional and professional clients. We are committed to adopting best-in-class technology solutions to facilitate the most efficient user experience while ensuring regulatory compliance.”

Nick Cropper

General Manager, GMO-Z.com

10

Bullion products across two major trade categories

21

Different countries at 72 locations, composes with 9 listed companies and 114 subsidiaries

25

Years of of being the leading bullion trading specialists

Background

GMO-Z.com recently announced a new prime-of-prime brokerage service, offered to regulated brokers, hedge fund and asset managers, private banks and proprietary traders. Clients will benefit from curated liquidity pools and gain direct access to optimised FX, precious metals, commodities, and equity indices markets.

Anticipating a fast-growing customer base, GMO-Z.com recognised they needed a seamless and complete digital onboarding experience to meet customer expectations for FX trading whilst delivering regulatory compliance.


The Challenge

The compliance requirements and verification that GMO-Z.COM needed to fulfil as part of its onboarding and trading processes were highly complex and resource-hungry.

GMO-Z.com needed to verify the identity of individuals and corporate entities to ensure Anti-Money Laundering (AML) compliance obligations were met, and to perform robust client classification, suitability, and appropriateness assessments on their clients so their users can begin trading with a range of global financial products, whilst ensuring compliance with MiFID II and other global regulations.

At scale, this was shown to be very ineffective for growth, and GMO-Z.com questioned its ability to meet future customer demand. GMO-Z.com required a digital solution that managed the complexity of KYC onboarding across different international markets, along with automated client suitability and appropriateness assessment to facilitate compliant trading.


How NorthRow Helped

NorthRow partnered with Muinmos, a leading client suitability platform, to provide a robust and fully automated solution to support GMO-Z.com’s client onboarding requirements.

The integration with Muinmos PASS enables GMO-Z.com to undertake all Know Your Client (KYC) and Anti-Money Laundering (AML) verification on their clients, both individuals and corporate entities, via a single API.

Once a client is onboarded successfully using the NorthRow API, the Muinmos PASS regulatory AI-based engine instantly maps global regulatory permissions. This enables GMO-Z.com to perform accurate and fast, risk-free processing of their clients in terms of classification, suitability and appropriateness of each product and service offered, together with cross border clearance.

The combined solution and built-in governance workflows are essential to prevent GMO-Z.com from mis-selling financial products. In addition, all verification and assessment can be completed within a few minutes at a fraction of the cost.


What Now?

The longstanding partnership between NorthRow and Muinmos delivers an accelerated onboarding process for GMO-Z.com. They can offer a fully digital experience that allows the end-user to complete their application quickly, ensuring compliance with the relevant Anti-Money Laundering (AML) and MiFID II regulations.

The partnership provides a complete solution to GMO-Z.com to automatically onboard clients efficiently and effectively. It also mitigates the risks of regulatory fines and ensures they remain compliant 24×7 as new regulatory parameters are added.

About NorthRow

NorthRow brings together market-leading compliance and verification technologies into a single, simple interface, accessible anywhere, any time. This empowers compliance officers to make faster decisions, reduce the need for siloed systems and onboard customers in seconds, not days. The additional time saved unlocks more time to focus on the single most important task – growing their business safely.

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We work with our clients to digitally transform their onboarding, monitoring and compliance processes.

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