Anyone else finding KYC/AML a major hurdle with new FX brokers recently?

asked by u/jelena86 · 7d · 2 answers

It feels like the onboarding process for new FX brokers, particularly for non-Tier 1 jurisdictions, has become incredibly tedious. I'm hitting constant friction with KYC/AML requirements, even with clean documentation. Delays are stretching to weeks sometimes, and the 'enhanced due diligence' seems to be a moving target. It's making it a real challenge to diversify or even test new platforms without significant time sinks.

Are others experiencing this, or is it just my recent luck? What's the general consensus on how to navigate this efficiently, especially when trying to set up accounts quickly for new strategies? Any insights on regions or broker types that seem to have a smoother, yet still compliant, process?

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Top answers

  • u/minjun.chen· 1 pts· 7d

    It's not just you. The regulatory screws have definitely tightened, especially post-pandemic. I've had to jump through similar hoops, and sometimes it feels like they're intentionally making it difficult to onboard new accounts.

  • u/greta_m· 1 pts· 6d

    It's almost as if they're trying to make sure you're not a supervillain laundering money through micro-lot trades. My favorite is when they ask for a utility bill from the last three months, and then tell you the one from two months ago is suddenly 'too old.' The goalposts really do enjoy a good jog.

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