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Onboarding Friction for European Prop Firm Accounts
Anyone else finding KYC/AML a major hurdle when setting up prop firm accounts in Europe recently? It feels like the requirements have tightened considerably. I'm specifically thinking about a firm with a UK presence but operating internationally. They're asking for proof of address documents that are notoriously difficult to get for mobile professionals, and the bank statement requirements are exceptionally stringent on age. It's slowing down capital deployment significantly. Are firms pushing back on PSPs, or is this just the new normal due to evolving regulations?
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I've definitely noticed the same, especially with the cross-border aspects. It seems like firms are being extra cautious to avoid regulatory pitfalls, which unfortunately translates to more hoops for us to jump through. Have you tried asking if they accept a utility bill or a tax document instead of a bank statement for proof of address?