Anyone else finding KYC/KYB for new counterparty relationships to be increasingly onerous, particularly for less common jurisdictions? The compliance burden feels like it's eating into the efficiency gains we're supposed to get from new tech. It's becoming a real bottleneck for expanding our reach in certain markets, with some prospective partners simply giving up due to the documentation demands.
Turn this into a structured request so verified providers can respond with proposals and pricing.
Convert to a structured requestDefinitely seeing that. The push for deeper due diligence, especially post-AML6, has turned what used to be a quick check into a multi-week ordeal for some regions.
Absolutely agree. We've seen similar issues, especially with the increased scrutiny around AML. It feels like the regulatory push for transparency, while necessary, hasn't fully accounted for the operational impact on the actual onboarding process, particularly for smaller firms trying to engage with new markets.
Absolutely, it's a constant struggle. We've found the inconsistency across jurisdictions to be the most frustrating part; some are straightforward, while others require an inordinate amount of localized documentation that feels redundant. Have you considered specialized third-party solutions for managing that initial compliance intake?