Onboarding Grind: Brokers, PSPs, and the KYC Labyrinth

Anyone else utterly exhausted by the onboarding process these days? Seems like every broker or payment service provider (PSP) now requires you to submit your first-born, a notarized blood sample, and a detailed family tree tracing back to the Jurassic period, all just to get an account opened. I get it, regulatory compliance is no joke, especially with AML and CTF becoming increasingly stringent. But the sheer volume of redundant documentation and the inconsistent experiences across different platforms are starting to make me wonder if the 'digital age' actually just meant 'more paperwork, but online'.

We're in the middle of vetting a new PSP for a new product line and the KYC/KYB journey has been particularly painful. One minute they want proof of address for every director, the next they're asking for a signed letter from our bank confirming our grandmother's favourite colour. And don't even get me started on the time lags. We're talking weeks, sometimes months, for what should be a straightforward process. This directly impacts our ability to scale and launch new initiatives efficiently. Is this just the new normal, or am I missing some secret handshake that bypasses the bureaucratic maze? Looking for any hacks or experiences on dealing with this, particularly for entities operating across multiple jurisdictions. The operational drag is becoming a significant factor in our strategic planning.