Onboarding for larger accounts – KYC/KYB friction points?
Anyone else finding that once you're moving past the retail tier of funding, some of the broker/PSP onboarding processes become surprisingly clunky? Specifically, for accounts north of, say, 50k $USD, the KYC/KYB seems to add a layer of friction that often feels unnecessarily prolonged. I'm talking about repeated document requests, delays in verification, or needing to resubmit identical info across different platforms even within the same group.
Is this just the reality of higher AML/CFT scrutiny, or are some providers just better equipped with efficient back-office ops for larger private or institutional accounts? Trying to gauge if I'm just hitting the wrong providers or if this is par for the course now. Curious about others' recent experiences.
It's not just clunky; it's often a sign that their internal processes aren't set up for anything beyond basic retail. They want the big accounts but aren't willing to invest in the infrastructure to service them efficiently. Have you tried asking for a dedicated onboarding specialist?