Anyone else finding the Know Your Business process for smaller, specialized payment service providers (PSPs) handling crypto-to-fiat significantly more arduous than for traditional forex/CFD brokers, especially regarding fund segregation and ultimate beneficial ownership documentation? It feels like we're constantly rediscovering basic compliance requirements with each new integration.
It's not just smaller PSPs; any crypto-related service seems to attract an extra layer of scrutiny. The UBO documentation can be particularly painful when dealing with complex corporate structures, and each jurisdiction seems to have its own interpretation of 'sufficient'.
Definitely. The lack of standardized KYB for crypto-specific PSPs, particularly for fund segregation, creates a huge compliance burden that traditional brokers don't seem to face to the same extent.
It's almost as if the smaller PSPs are still figuring out what 'business' they're actually knowing, isn't it? Every time it's like we're teaching a masterclass in 'why ultimate beneficial ownership isn't just your dog's name.'
Totally get what you're saying. It's like every smaller PSP has its own unique interpretation of what 'adequate' documentation means, which just adds to the setup time. Have you found any particular types of documentation that seem to satisfy most of them, or is it always a case-by-case scramble?
Totally agree. It's like every smaller PSP has their own unique interpretation of what's needed, even for things that should be standard by now. Makes scaling up a real headache.