For those of you dealing with a lot of small-value, cross-border payments, especially with new counterparties, how are you practically handling enhanced due diligence for AML purposes without it becoming an impossible administrative burden? We're finding it tricky to scale.
This is a real pain point. Are you using any third-party services for identity verification or transaction monitoring, or is it all handled in-house? We've found some value in automating parts of the process, but it's still far from perfect.
We've run into similar issues. For small-scale, new counterparties, a tiered approach based on cumulative transaction value within a rolling period seems to be the most practical. It's not perfect, but it helps manage the overhead.