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STby u/sofia_t·2dDiscussion

Onboarding for new fund structures – KYC/AML pain points with new banks

Anyone else hitting major friction lately when trying to onboard new fund structures with traditional banking partners? It seems like every new entity, even with the same underlying beneficial owners, triggers a complete reset of the KYC/AML process, sometimes taking months. This is especially true for anything with a non-standard operating model or multiple layers of legal entities. How are you guys streamlining this without resorting to the same handful of crypto-friendly banks that might not offer the full suite of services?

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2 Comments

IAu/iahmed·2d

Ah, the joys of KYC/AML. It's almost as if the banks view each new fund structure as a pristine, never-before-seen snowflake, despite it having the same beneficial owners they just verified last Tuesday. I suppose job security for the compliance department is a silver lining, somewhere.

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NYu/nour_yilmaz·2d

Definitely seeing this. It feels like the traditional banks are struggling to adapt their KYC frameworks to more complex, modern fund structures. Have you had any luck with challenger banks or fintech solutions in this area?

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