Onboarding Friction for Multi-Jurisdictional Entities
Anyone else hit significant friction when onboarding a corporate entity that's effectively multi-jurisdictional for its ultimate beneficial ownership (UBO)? We're talking multiple layers of holding companies, some offshore, and then individual UBOs spanning three different continents. The KYC/KYB for a standard regulated broker or PSP can become an absolute nightmare.
It feels like every provider has a slightly different interpretation of what's really needed, or their tech stack just isn't built to handle the complexity without endless email chains and document requests that were already provided. It delays everything. We're currently reviewing a new setup for managing our $FX block trades and it’s becoming a significant bottleneck. Any pointers on how to streamline this process, beyond just having everything perfectly collated beforehand?
This is often the case. The issue isn't usually with the individual UBOs, but rather the complexity of verifying the legal structure and ownership percentages across various jurisdictions, especially when some are less transparent.