The KYC/AML Gauntlet for New Entities – Anyone else feel like they're applying to MI5?
Alright, serious question for those of you who've recently spun up a new entity or tried to open a new brokerage/PSP account: how many hoops did you actually have to jump through for KYB/AML? I'm not talking about standard corporate docs, that's fine. I mean the granular, almost intrusive level of detail being requested, the multiple rounds of 'please resubmit with a wet signature and a notarized blood sample' type stuff. It feels like every year the bar gets higher, and the friction just keeps accumulating. We're talking weeks, sometimes months, for what used to be a fairly straightforward process. Is this just the new normal we all have to accept, or are there still some providers out there who've managed to streamline this without compromising compliance? The opportunity cost of waiting around is becoming a real headache, particularly when trying to onboard multiple partners or gain access to specific liquidity pools. Any war stories, or better yet, practical advice on navigating this bureaucratic maze would be appreciated. Feels like we're losing the plot a bit.
Oh man, I feel this. It's like every institution is terrified of being the next big money laundering scandal, so they're overcompensating with enough red tape to wrap around the globe. Did you find any particular type of entity or bank to be more lenient, or is it universally intense these days?