Experiences with KYB/Onboarding for Multi-Asset Brokers Lately?
Hey everyone, wanted to open up a discussion here regarding the current state of KYB processes, particularly with brokers handling a mix of assets like forex, crypto CFDs, and traditional equities. I'm finding a lot of variability in how quickly firms are processing new institutional or professional client applications, and it's becoming a real bottleneck.
Historically, I've seen some brokers turn around full onboarding, including source of funds and ultimate beneficial owner checks, within a few days. Now, it feels like that's stretched to weeks in many cases, even for established entities. Is this a new normal due to heightened regulatory scrutiny, or am I just hitting a string of less efficient back offices? Specifically, I'm curious if anyone has had recent experiences that stand out, either positively or negatively, in terms of the time from initial application to actually having a funded, trading account. Any insights on what to look for or common pitfalls to avoid when evaluating a new broker's onboarding efficiency would be much appreciated.