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ASby u/astoicaRomania·2hQuestion

Onboarding Friction for Multi-Jurisdiction FX Brokerage?

Anyone here have recent experience with the KYB process for setting up a new prop desk with multiple jurisdictions involved for an FX brokerage? We're finding it surprisingly slow going, particularly with the UBO verification when dealing with nested corporate structures across different regulatory frameworks. Seems like every bank/broker has a slightly different set of hoops.

Are there any best practices or specific providers that are known for a smoother onboarding experience in this context, or is it just the nature of the beast these days? We're looking at a few prime brokers and liquidity providers, and the timeframes quoted for full account activation are varying wildly, which is a concern for deployment timelines.

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LGu/lan_goh·2h

It's always a nightmare. We found using a specialist compliance firm to handle the UBO verification upfront actually sped things up considerably, even with the added cost. Trying to do it in-house across multiple frameworks is just a time sink.

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