Anyone else finding KYC/AML a major chokepoint for new prop firm onboarding?
It's been a running theme for me recently, particularly with some of the newer prop firms popping up. I get it, regulations are tighter than ever, and AML checks are non-negotiable. But the sheer inconsistency in the onboarding process across different firms is baffling. One firm clears you in 24 hours with a basic utility bill and ID scan. Another wants bank statements from three different banks, a notarized proof of address, and a video call verification that feels more like an interrogation.
This isn't about specific firms, more about the general experience. When you're trying to diversify capital or just get set up quickly to take advantage of market movements, having a two-week hold-up for KYB because they're 'reviewing your documents' is a real productivity killer. Is anyone else encountering this, or am I just hitting a string of particularly inefficient back-offices? And more importantly, how much of this is genuinely regulatory driven versus firms just having poor internal processes? It feels like the goalposts keep moving, and it's making new firm integration a much bigger headache than it needs to be.
It's almost as if some firms are actively trying to make it a competitive sport to see who can demand the most obscure proof of your existence. Maybe they're just vetting for the most determined traders, or perhaps they're hoping you give up and just send them a lock of your hair.