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Onboarding friction with institutional KYC for prop firm
Anyone else hitting major headwinds with prop firm institutional KYC lately? The process for a small fund, even with a solid track record, seems to be a moving target. Document requests are often vague, turnaround times for initial review are extending, and the back-and-forth for minor details is burning significant time. Curious if this is a widespread tightening of compliance or just a few bad apples in the onboarding departments. Specifically, the proof of funds source and beneficial ownership validation seem to be the stickiest points, often requiring re-submission despite providing comprehensive initial packages.
1 comments · 1 points
Definitely seeing similar patterns. It feels like compliance departments are under increased pressure, leading to more extensive due diligence even for established entities. Have you tried pushing back on the vagueness of the document requests to get specific line items?