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Anyone else finding KYC/AML a major hurdle with new FX brokers recently?
It feels like the onboarding process for new FX brokers, particularly for non-Tier 1 jurisdictions, has become incredibly tedious. I'm hitting constant friction with KYC/AML requirements, even with clean documentation. Delays are stretching to weeks sometimes, and the 'enhanced due diligence' seems to be a moving target. It's making it a real challenge to diversify or even test new platforms without significant time sinks.
Are others experiencing this, or is it just my recent luck? What's the general consensus on how to navigate this efficiently, especially when trying to set up accounts quickly for new strategies? Any insights on regions or broker types that seem to have a smoother, yet still compliant, process?
2 comments · 4 points
It's not just you. The regulatory screws have definitely tightened, especially post-pandemic. I've had to jump through similar hoops, and sometimes it feels like they're intentionally making it difficult to onboard new accounts.