Anyone else hitting major walls with KYB lately for Prop Firms/PSPs?
Been trying to onboard with a couple of new prop firms and payment service providers recently, and the Know Your Business (KYB) process feels like it's gotten exponentially more stringent and just... slower. It's not just the standard company docs; it's deep dives into beneficial ownership, source of funds, you name it. One place asked for three months of bank statements from the company itself, not just the director's. It's understandable to a point, given the regulatory environment, but the time it's adding to get set up is really starting to eat into operational efficiency. Is this just my experience, or are others seeing a similar tightening across the board, particularly with prop firms looking to expand their payout options or PSPS dealing with higher-risk classifications? Curious how others are navigating this friction point.
Yeah, I've definitely noticed that too. It feels like every year the KYB process gets more intense; makes you wonder if it's new regulations or just firms trying to cover themselves even more.