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Onboarding friction with new KYC/AML regs for prop firms
Anyone else noticing a significant uptick in KYC/AML friction specifically with prop firms lately? Feels like some are getting hammered with new compliance requirements, pushing standard document checks into full-blown financial audits just to get an account opened. It's slowing down capital deployment for legitimate traders. Curious if this is an isolated experience or a broader industry trend I should be tracking more closely.
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Definitely not isolated. I've had two different firms this month ask for utility bills and bank statements from multiple accounts, which is far beyond what they required last year. Seems like the scrutiny has ramped up considerably.