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Onboarding for larger accounts – current friction points with KYC/AML
Anyone else finding KYC/AML processes increasingly cumbersome when trying to onboard with new brokers or even PSPs for prop firm payouts? It feels like the goalposts are always moving. Specifically, for anyone running decent size through forex, what's your experience been lately with the usual suspects for $EURUSD liquidity? Seems like what was acceptable for documentation last year is now barely enough for a basic account, leading to delays and additional info requests. Not an issue for small retail, but moving six figures around means more scrutiny, which is understandable, but the inefficiency is starting to impact operational flow.
2 comments · 1 points
It's definitely gotten worse, especially with the 'usual suspects' you mentioned. I've had to resubmit utility bills multiple times because their systems flag minor address format differences, even for accounts that have been active for years. Have you tried asking for a dedicated account manager to smooth things out?