r/deal-flow

Starting to wonder if my compliance team is going to outnumber my trading desk soon. Every new PSP or liquidity provider we vet seems to have a slightly different flavor of 'extreme due diligence,' turning what should be a straightforward onboarding into a multi-week saga of document requests and background checks. It's like they're daring you to even try diversifying your counterparty risk. Surely I'm not the only one feeling this pinch, especially with the tighter regs around FX and crypto?

Anyone else hitting unexpected snags with Know Your Business (KYB) checks when trying to onboard for larger capital allocations with prop firms, or is it just the standard new-client friction?

It's 2024, and it still feels like every new PSP (or even an existing one for new services) demands the Magna Carta and my firstborn just to get an account operational. The level of detail requested, then the inevitable 'upload it again but this time in a slightly different shade of grey' emails – it's maddening. Seems like some of these 'fintech' solutions are still using backend processes designed by a medieval scribe.

Are we just stuck with this as the cost of doing business, or has anyone found a sweet spot with a payment service provider that genuinely streamlines the KYB without turning it into a full-time job?

Anyone else hitting significant friction lately trying to onboard a new entity, specifically an EU-based prop or HFT shop, with exchanges or prime brokers domiciled outside of the EU/UK? We're finding the KYB process has become an absolute minefield. Data requests are often duplicative, contradictory, or for information that's simply not relevant to the operational scope. It feels like some compliance departments are working from a checklist that wasn't updated since the last major regulatory shift, leading to weeks of back-and-forth.

Beyond the initial hurdle, we've seen a noticeable creep in spreads on certain pairs ($BTC-fiat, specific exotic FX) from what were previously competitive providers. Is this indicative of wider liquidity pressures, or are we just seeing a more aggressive repricing of risk for non-domestic clients? Trying to gauge if this is a systemic shift or just bad luck with our recent selections.

Running into some persistent friction lately and wanted to see if anyone else has navigated this successfully. We're an EU-based prop firm looking to diversify our liquidity sources beyond the usual suspects within the EEA. The goal is better pricing and depth, particularly for certain exotics and higher-volume $FX pairs. However, the onboarding process with a couple of non-EU providers (think APAC and LATAM regions) has been a real headache.

Specifically, the KYB requirements are brutal. It feels like a moving target – provide document A, then they ask for document B which contradicts A's intent, then they want certified translations of things that don't even exist in that format in our jurisdiction. The due diligence cycles are extended, communication is often delayed due to time zones, and the lack of a standardized approach across these various providers is making what should be a straightforward integration into a multi-month saga. Anyone found an efficient way to streamline this or perhaps a common pitfall to avoid when dealing with the disparate regulatory landscapes?

Anyone else finding that payout reliability has gone downhill with some of the newer payment service providers? We're seeing increasing delays on $USD payouts and it's starting to impact our cash flow. Curious if this is just our experience or a broader trend.

Curious if others are still seeing significant friction onboarding new counterparties for larger OTC FX blocks. We're primarily dealing with $EURUSD and $GBPUSD, and while the rates are competitive once we're live, the initial KYB process often drags out for weeks, sometimes months, even with well-established prop firms. It feels like the industry hasn't quite standardized the due diligence for non-bank institutions dealing in size. This isn't about regulatory avoidance, but rather the sheer volume of redundant paperwork and the back-and-forth that seems disproportionate to the risk profile, especially for firms with clean audit trails. How are others navigating this to speed up deal flow, or have you found certain institutions are just inherently more streamlined in their new client intake?

Hey everyone, wondering if anyone has found a smoother process lately for onboarding new entities, especially for larger crypto transfers ($BTC or stablecoins). We've been running into more and more friction with KYC/KYB on the banking and exchange side. It feels like goalposts keep shifting, and what worked last month for a 7-figure wire is now causing delays with smaller amounts. Are certain PSPs or dedicated crypto banks really cutting through the red tape, or is everyone just gritting their teeth and waiting weeks for compliance teams to sign off? Really looking for practical experiences here, not just 'use a good lawyer' type advice.

Anyone else finding KYB for offshore payment service providers becoming an absolute minefield for high-volume FX these days? The initial setup is one thing, but maintaining compliance without constant back-and-forth on minor details is eating into operational efficiency, especially when dealing with multiple jurisdictions for payouts.

Starting to feel like the friction in getting new institutional accounts set up, even with established firms, has hit an all-time high. The back-and-forth on documentation, even for relatively straightforward corporate structures, is significant. It's slowing down everything from new prop trading relationships to expanding our liquidity provider network. Just curious if others are seeing similar drag, or if it's more localized to our end.

Anyone else finding that payout reliability from certain PSPs for higher-volume $EURUSD flow has become incredibly inconsistent lately, or is it just the partners I'm currently vetting?

Been looking at a few new payment service providers lately to handle some increased flow, particularly around cross-border transactions. The onboarding processes have been surprisingly varied, with some asking for an almost absurd level of detail on the company's ultimate beneficial owners and funding sources, even for established entities. It feels like they're still largely built for a different era of client. Anyone else finding the KYC/KYB for higher volume, legitimate operations to be a significant bottleneck lately? Specifically curious about experiences with firms handling larger ticket items, where the initial setup can take weeks, impacting our ability to move quickly on new initiatives. Is there a gold standard out there that balances compliance with operational efficiency?

We're trying to onboard a few new prop accounts, and the Know Your Business process is dragging significantly across multiple platforms we're evaluating. It's been weeks in some cases just to get past initial document submission, and then another round of back-and-forth for what feel like standard business verifications. This isn't a new issue, but it seems to have worsened recently.

Are others experiencing similar bottlenecks, or have you found certain providers to be noticeably more efficient on this front without sacrificing proper compliance? The drag on liquidity access is starting to become a real pain point, especially when trying to deploy capital across different strategies and asset classes like $BTC options.

Hey everyone, been a while since I've posted in here. Just wanted to throw something out to the group and see if others are experiencing similar friction. We've been trying to diversify our liquidity a bit, looking at a couple of new providers for some specific pairs ($EURUSD, $USDCAD primarily). The actual integration, once we get past the initial hurdles, seems fairly standard. But the onboarding process itself is becoming a real drag.

It feels like every new firm has a slightly different flavor of KYB/AML documentation they require, and the back-and-forth can stretch out for weeks. We provide what they ask for, then a week later, it's 'actually, can we get this other document too,' or 'this utility bill is too old, can you provide a more recent one from the last 30 days.' It's not just one or two, it's consistent across the board. Is this just the new normal, or are we missing something obvious that could streamline this? Would love to hear if anyone has found ways to accelerate this initial phase without cutting corners on compliance.

It seems like every time we try to onboard a new payment service provider, the KYB process is a fresh hellscape of document requests. Anyone else finding the goalposts for 'proof of funds' or 'beneficial ownership' are constantly shifting, even for established entities? Just curious if I'm missing some universal memo, or if this is just the price of doing business in a post-$FTX world.

Been diving deeper into the economics of these new prop firm models, especially for those looking to scale. On paper, the profit splits and initial fees look incredibly attractive, but I'm finding that the actual cost of capital, when you factor in the often-exaggerated spreads on certain pairs and the sometimes-onerous payout hurdles, can really eat into projected returns. It's not just about the headline fee, but the effective spread they're passing through, particularly for day trading strategies that rely on tight entries and exits. Anyone else running detailed simulations on this? The difference between a few pips here and there across hundreds of trades daily really adds up.

Then there's the liquidity question. While many tout deep liquidity, when you're moving size, especially around news events, some of these smaller or newer setups seem to struggle with slippage that's far beyond what you'd see with a prime broker. It makes me wonder if the allure of rapid scaling is sometimes negated by the practical friction of execution and the implicit costs of their market access.

Anyone else finding the onboarding process for new OTC liquidity providers or prime brokerage accounts increasingly painful? It seems the KYB requirements have ratcheted up considerably, pushing out the time to execute by weeks, sometimes months. It's especially frustrating when trying to diversify counterparty risk or capitalize on immediate market opportunities. Wondering if anyone has found efficiencies or best practices to expedite this without cutting corners on compliance.

Curious if others are seeing increased friction during onboarding with mid-tier prop firms, specifically around KYB/AML. We've been looking at a few for additional capital deployment capacity, and the document demands and review times are far exceeding what we encounter with larger institutional brokers. It's becoming a significant bottleneck for getting new strategies live. Is this just the new normal for firms needing to tighten compliance, or are some providers just less efficient? Seems like the burden is disproportionately high for a relatively straightforward legal entity.

Been navigating the onboarding process for a new venture focused on digital asset settlement for larger volume participants. The contrast between traditional banking and crypto-native solutions for KYB is stark, and not always in favor of the latter when you get past the initial 'fast' claims. We're talking about significant volume, so payout reliability and liquidity depth are paramount, especially when bridging between fiat and various stablecoins.

I'm curious to hear others' recent experiences, particularly with intermediate solutions or hybrid models. Specifically, how are you mitigating the KYC/AML burden for your clients while ensuring smooth, reliable payouts? The usual suspects often have tiered systems that bottleneck at crucial points, leading to unexpected delays. For example, some PSPs offer great EUR/USD rails but choke on anything even slightly unconventional, forcing a multi-hop solution that eats into margins and adds operational complexity. Are there any operators here who've successfully streamlined this for non-retail flow without running into compliance quicksand or excessive spread/fee structures?

It's 2024, and I'm still scratching my head wondering why the KYB/AML process for institutional accounts with some FX prime brokers feels like I'm trying to get a mortgage on a phantom island. The endless parade of utility bills, notarized articles, and proof-of-life photos for every distant cousin feels… excessive. We're talking about a firm with audited financials and a track record, not a shadowy shell corp.

Anyone else experiencing this perpetual bureaucratic purgatory when trying to set up new liquidity lines, or have I just been unlucky with my choices? Starting to think I need to hire a full-time KYB wrangling specialist.

Starting to look at a few prop firms for deeper liquidity, especially on $EURUSD and $GBPUSD beyond what my current prime broker offers, but the KYB process on some of these smaller shops is a real bottleneck. Curious what others' experiences have been regarding the trade-off between enduring significant onboarding friction versus the potential for tighter spreads and more reliable fills.

Anyone else hitting major friction with the KYB process for smaller, regional Payment Service Providers? It feels like every new one requires a completely different stack of documentation, and the manual review times are killing our setup timelines. We're chasing better rates and more localized payout options, but the overhead is becoming prohibitive. Is there a better way to vet these beyond just their published fees, to anticipate the onboarding pain?

Anyone else finding that onboarding new prop accounts or even just multi-entity brokerage accounts has gotten significantly more cumbersome? We're running into a wall with what seem to be increasingly bespoke KYB requirements when dealing with nested corporate structures, even with all beneficial ownership clearly documented. It's slowing down capital deployment and tying up legal resources unnecessarily. Wondering if anyone has found a PSP or prime that handles this with any degree of efficiency.

Anyone else finding onboarding times with new prime brokers or even just new payment service providers (PSPs) stretching out? Used to be able to get accounts active in days, now it feels like a multi-week slog, especially for anything involving more complex entity structures. The KYC/KYB layers seem to be getting thicker. Curious if others are experiencing similar bottlenecks getting capital deployed or accepting payments promptly, and if so, how are you mitigating these delays? It's directly impacting deal velocity.

Been looking into scaling up our cross-border payment solutions, specifically for less common currencies and regions. The usual suspects handle $EURUSD and $GBPUSD fine, but when it comes to onboarding and reliable payouts for say, parts of Africa or LatAm, the options get slim and the fees jump significantly. Anyone found a PSP or a banking partner that genuinely excels in these more niche corridors without exorbitant spreads or ridiculous KYB friction that delays everything by weeks?

Anyone else finding the KYB process for new brokerages or payment processors an absolute slog for EU-registered entities lately? It's like every other form requests the same info but needs it presented in a slightly different shade of bureaucracy. Starting to wonder if my corporate registration documents will disintegrate from being uploaded so many times.

Anyone else still wrestling with KYC/KYB on an institutional level, particularly for entities spanning multiple jurisdictions? It's like every PSP has a slightly different flavor of 'proof of existence' and 'source of funds' that requires a completely new round of document collection, even with the same underlying beneficial owners. We're talking established funds, not basement day traders. The administrative overhead for each new banking relationship or broker onboarding is becoming a significant drag on time and resources. You'd think with all the tech, this would be smoother by now. What's been your experience, and have any of you found a workaround that doesn't involve hiring a full-time compliance document specialist?

We've been trying to onboard a new liquidity provider, and it feels like every step of the KYB process is designed to grind things to a halt. The sheer volume of documentation, the back-and-forth for minor clarifications – it's eating into our timeline. Curious if others are experiencing similar friction with their onboarding for new counter-parties or payment service providers lately, or if we're just hitting a particularly slow patch with this specific one.

Anyone else finding the KYB for new payment service providers increasingly stringent, especially for crypto-related businesses, or is it just the specific providers I've been looking at? I'm trying to get a clear picture on what to expect for multi-million dollar monthly volume.

Starting to feel like I need a full-time compliance team just to get a straightforward account open these days. We're running a relatively vanilla prop shop, nothing exotic, focused on $BTC and some alt-L1s. The usual song and dance: we've got our corporate docs in order, AML/KYC for all principals is squeaky clean, yet every single payment service provider (PSP) we've approached lately seems to find a new hoop to make us jump through.

I understand the regulatory environment has tightened up significantly, especially post-FTX, but the level of scrutiny and the sheer volume of redundant requests is becoming a genuine operational drag. It's not just the initial onboarding, it's the constant requests for updated beneficial ownership, source of funds for every transaction above a certain threshold, even for internal transfers. We're talking about established capital, not fresh lottery winnings. It feels like they're actively trying to discourage businesses dealing in crypto, even those operating fully above board. Is this just the new normal, or have I somehow stumbled into a black hole of overzealous compliance departments? Any tips for streamlining this process short of hiring a team of lawyers?