KYB/AML Pain Points for Prop Firm Payouts
Anyone else finding the Know Your Business / Anti-Money Laundering hurdles for prop firm payouts increasingly cumbersome? It seems every new firm, or even established ones, are adding layers of identity verification, proof of funds, source of wealth, etc., which makes getting funds out a drawn-out process. I understand the need for compliance, particularly given the recent regulatory focus on crypto, but it feels like the goalposts are constantly shifting, leading to significant delays and repeat submissions of documents.
Curious if anyone has found a prop firm or payment service provider (PSP) that has genuinely streamlined this. I'm not looking for shortcuts around compliance, just efficiency. The time spent dealing with these administrative tasks could be better spent focusing on the markets.
Yeah, I've definitely noticed that too. It feels like every time I get to a payout, there's a new document or step required. It makes me wonder if there's a prop firm out there that's figured out a way to streamline this without compromising compliance.