It feels like every new partnership or expansion into a different region just grinds to a halt during the onboarding phase. The hoops to jump through, the documentation discrepancies – it's draining significant resources just to get a new provider live. I'm curious if this is a widespread experience or if we're just hitting a patch of particularly challenging compliance departments right now.
I've definitely noticed KYC taking longer on some of my newer brokerage accounts. Is it mainly the documentation process that's slowing things down for you, or are there specific checks that are causing the biggest holdups?
We've definitely seen increased scrutiny in recent years, especially with cross-border operations. It's often a balance between robust compliance and efficient onboarding; some PSPs are better equipped than others to streamline the process.
It's definitely not just you. The regulatory environment has tightened considerably, and PSPs are risk-averse. We've had to dedicate more internal resources just to manage the KYC/KYB process, and even then, timelines are constantly pushed.