Onboarding Friction for EU-based FX Brokers
Curious if others are seeing increasing friction with KYB processes when trying to onboard with smaller, but well-capitalized, EU-based FX brokers. Specifically, the requests for UBO documentation and proof of funds seem to be getting more intrusive, often requiring multiple rounds of submissions for what should be straightforward corporate accounts. It adds significant delays to getting active and deploying capital, making me wonder if the regulatory burden is now disproportionately impacting client acquisition for these firms, or if I'm just hitting a bad run.
I've definitely noticed this too. It feels like the compliance burden for these smaller firms has really ratcheted up, pushing them to demand more from clients to cover their own bases. Have you tried approaching them with an established banking relationship letter, or does that not seem to expedite things much?