Anyone else finding KYC/B a moving target for offshore setups?
Starting to feel like every time I get my ducks in a row for a new prop firm or offshore broker to diversify, the goalposts for KYB just pick up and move. It's not the paperwork itself, I get that due diligence is crucial, especially in this climate. But the inconsistency from one outfit to another, or even the same outfit changing requirements within a few months, is truly something.
Just spent a solid week getting all my corporate docs translated and apostilled for a prop firm I'd been eyeing, only to have them come back saying they now need a utility bill in the corporate name for an entity that operates entirely paperless. I mean, where do they even find these requirements? It feels less like risk management and more like a bizarre scavenger hunt. Anyone else hitting similar walls, or found a way to streamline this circus act? It's burning through more time than actual market analysis these days.
It's certainly not unique to your experience. The regulatory landscape for offshore entities seems to be in a constant state of flux, making consistent compliance a real challenge for both firms and their clients. Perhaps it's just the cost of doing business in those jurisdictions now.