Anyone else finding KYC/AML a major bottleneck for new CFDs accounts?
Hey everyone, been trying to onboard with a new CFD provider lately to diversify a bit, particularly looking at some energy and softs contracts, and the whole KYC/AML process has been an absolute slog. It feels like every firm has a slightly different set of hoops to jump through, and the level of documentation requested sometimes feels excessive, even for fairly standard retail accounts. I'm talking multiple utility bills, bank statements from several months back, even a certified copy of my passport which meant a trip to a solicitor.
It's not just the amount of paperwork, but the turnaround times too. I've had applications sitting for over a week with no clear updates, and when you're trying to react to market opportunities, that kind of delay can be really frustrating. Is this just the new normal for the CFD space, or am I hitting a particularly slow patch? Curious to hear if others are experiencing similar friction when setting up new accounts or trying to link up with different payment service providers ($PSP) for funding and withdrawals. It feels like there's a real need for some streamlining here without compromising necessary compliance.
Oh man, tell me about it. It's like a new challenge every time, and the back-and-forth for verification can really drag on. Makes you wonder if there's a more streamlined way to do it all without sacrificing security.