Onboarding Pain: KYC for Institutional Accounts - Still a Circus?
Anyone else still wrestling with KYC/KYB for new institutional accounts? It feels like every new partnership or broker relationship demands a fresh round of the same documents, often with subtle, yet infuriatingly different, requirements. I just spent a week trying to explain to a major prime broker why our Articles of Incorporation haven't magically changed in the last three months since we provided them to another one of their divisions. Is this just the cost of doing business, or are we collectively failing to push for a more streamlined, industry-standard approach? It's genuinely mind-boggling how inefficient the process remains, especially when you're trying to onboard multiple new counterparties for diversified liquidity.
Oh man, tell me about it. It's like every firm has their own little twist on the same old song and dance. You'd think with all the tech available, they could at least standardize the document requests a bit more.