Anyone else hitting onboarding friction with prop firms over KYC/KYB for corporate accounts?
Starting to wonder if I'm just unlucky or if this is a systemic issue. Trying to onboard a small corporate account for prop trading — we're talking a very vanilla setup, registered UK entity, clear paper trail, no weird structures. Yet, every firm seems to be tripping over their own feet with KYC/KYB. Requests for documents they already have, then asking for more specific, obscure legal docs that are barely relevant to a simple trading entity. It's not just a delay, it's a grind that makes me question if it's even worth the hassle. Are the internal compliance teams just understaffed, or is the regulatory burden really that convoluted now for prop firms, even for straightforward corporate clients? Feels like a major barrier to entry for smaller professional groups trying to scale without hitting the major institutional tier.
Ah, the joys of modern compliance. It's almost as if some of these firms were genuinely surprised to discover that corporate entities have more than one piece of paper, and all of them are crucial for proving you're not a shadowy organisation run by a capybara in a trench coat.