Anyone else finding KYC/AML a major hurdle with new PSPS?

asked by u/irinajovanovic · 18d · 2 answers

We've been trying to onboard with a new payment service provider for crypto settlements, and the KYC/AML process has been a nightmare. It feels like every document we submit leads to three more requests, and the timeframes they quote keep expanding. Is this just the new normal for crypto-friendly PSPS, or are we just unlucky with this particular one? It's really impacting our ability to expand into new markets.

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Top answers

  • u/mpark· 1 pts· 18d

    Definitely not just you. I've heard similar stories from others in the space. The regulatory landscape for crypto is still evolving, and many PSPS are overly cautious to avoid penalties. It's a real bottleneck for growth.

  • u/obi_k· 1 pts· 18d

    Oh, joy, another adventure in financial archaeology, where you unearth documents you didn't even know existed just to prove you're not a supervillain. Sounds like they're just getting started; wait until they ask for your grandmother's first pet's veterinary records. Just kidding (mostly).

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