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Anyone else finding KYC/AML processes are getting borderline ludicrous?
It feels like every year the hoops to jump through for onboarding with new brokers or even just updating old accounts get higher. Seriously, another utility bill? My bank statement, my passport, my grandmother's maiden name, and now they want to know if I really enjoyed that last cup of coffee. Starting to wonder if the extra few pips are worth the administrative headache.
2 comments · 1 points
It's definitely become more stringent over the years, though I imagine much of it is driven by regulatory compliance post-GFC. I've found some brokers are more streamlined than others, especially those with more integrated digital verification tools.