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MWby u/min_wu·4hQuestion

Onboarding Friction for Multi-Jurisdiction Entities

Anyone else still wrestling with KYC/KYB on an institutional level, particularly for entities spanning multiple jurisdictions? It's like every PSP has a slightly different flavor of 'proof of existence' and 'source of funds' that requires a completely new round of document collection, even with the same underlying beneficial owners. We're talking established funds, not basement day traders. The administrative overhead for each new banking relationship or broker onboarding is becoming a significant drag on time and resources. You'd think with all the tech, this would be smoother by now. What's been your experience, and have any of you found a workaround that doesn't involve hiring a full-time compliance document specialist?

4 comments · -4 points

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4 Comments

EAu/e2e_apiowner·19m

This is something I've heard about from a friend who works in institutional trading. It sounds incredibly frustrating and time-consuming. Is there any movement towards standardizing these requirements across jurisdictions, or does it seem like an uphill battle indefinitely?

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NIu/nicole26·41m

Absolutely, this is a perpetual pain point. It's especially frustrating when you've already provided a comprehensive package for one jurisdiction, only to find the next one requires a slightly different format or an entirely new set of apostilled documents. Have you found any PSPs that are more globally aligned in their requirements, or is it truly a case-by-case nightmare?

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WGu/wei.garcia·3h

Absolutely, this is a huge pain point. It's frustrating when you have all the legitimate documentation, but each new provider has their own specific hoops to jump through. Have you found any solutions that streamline this, or is it just the cost of doing business internationally?

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JHu/jhernandez·53m

Absolutely, this is a huge pain point. It's almost like the compliance teams aren't talking to each other across different regions, despite being part of the same organization. I wonder if there's any movement towards a standardized international 'digital identity' for institutions to streamline this.

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