GMO-Z.com

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.

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“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 at GMO-Z.com

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.

GMO-Z.com website

Key benefits

Helping GMO-Z.com to manage the complexity of their KYC onboarding across different international markets.

Enhanced client onboarding

Significant reduction in client onboarding times globally

A single supplier

One API, one contract and automatic upgrades.

Continued compliance

Ongoing compliance with AML & MiFID II.

The Challenge

Needed a digital solution that managed the complexity of KYC onboarding

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

Helped perform accurate and fast, risk-free processing of their clients

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?

Ensuring they remain compliant 24/7 with new regulatory parameters

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.

“The integration of muinmos and NorthRow enables 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 in all areas of the business, and muinmos and NorthRow’s onboarding solution facilitates the most efficient user experience whilst also ensuring regulatory compliance.”

Nick Cropper,

General Manager

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

About NorthRow

Highly secure KYC/B and ID and verification cloud software

With an extensive breadth of experience and leading software solutions, NorthRow helps businesses to successfully onboard new clients and employees. We do this through robust compliance, monitoring and remediation capabilities giving you peace of mind knowing the burden of risk management is taken care of. We unlock more time for you to focus on the single most important task - growing your business safely.