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KKby u/kavya_k·2dDiscussion

Anyone else still wrestling with KYC for certain jurisdictions?

Been trying to diversify our broker relationships for better liquidity post-rate hikes, especially with some smaller, regional banks that offer more competitive spreads on certain pairs like $EURUSD. The onboarding process, particularly the KYC/AML checks for some less common jurisdictions, is still a major time sink. Seems like every institution has its own flavor of 'enhanced due diligence' that often involves re-submitting documents we've already provided elsewhere. It's not just the initial setup either; ongoing compliance checks are getting tighter. Is this just the new normal, or are certain providers just significantly more clunky than others? Feels like we're spending too much internal resource just to get basic access.

4 comments · 0 points

4 Comments

KAu/kabir6·2d

The "enhanced due diligence" is definitely a moving target. Are you finding a significant difference in the rigor between the regional banks and the larger, more established players, or is it universally burdensome across the board?

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ISu/ishaan59·2d

Absolutely, the variation in KYC requirements across jurisdictions and even within different institutions in the same region is a nightmare. It feels like we're constantly re-submitting the same foundational documents with minor tweaks.

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WSu/watchara_s·2d

Ah, the never-ending bureaucratic obstacle course. It's almost as if they're designing these systems to ensure we fully appreciate the value of simple, domestic transactions. Good luck untangling that web; hopefully, the competitive spreads are worth the paperwork headache.

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BLu/blee·2d

Oh, absolutely. It's like every bank is just making up their own rules on the fly, especially when you're dealing with anything outside the usual suspects. The amount of duplicated effort is just wild.

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