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Anyone else finding KYC/KYB on new brokerages a nightmare lately?
Been looking at a couple of newer FX brokers to diversify some positions and the onboarding process, especially on the institutional side for our prop firm, has been an absolute slog. It feels like every year the requirements get more onerous and the turnaround times stretch out. We're talking weeks just to get basic corporate docs approved, which really hampers our ability to move capital around efficiently when new opportunities arise. Curious if this is just my experience, or if others are seeing similar friction points, particularly with those targeting professional traders or prop shops.
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Absolutely. It's not just new brokers either; even established ones seem to be facing increased scrutiny, which trickles down to client onboarding. I wonder if it's more about regulators tightening their grip or the brokers themselves being more cautious after recent compliance failures in the industry.