Onboarding Friction for Corporate Accounts – KYC/AML Intensification?
Anyone else noticing a significant uptick in the intensity of KYC/AML requirements for corporate accounts, particularly when trying to onboard with new brokers or payment service providers? We're a small-to-medium prop outfit, and the amount of documentation and the extended timelines for verification seem to have ramped up considerably over the last 12-18 months. It's not just the standard beneficial ownership stuff anymore; it feels like they're digging into the minutiae of our operational structure.
I'm curious if this is a widespread trend or perhaps just an unfortunate series of experiences on our end. It's impacting our ability to diversify our brokerage relationships efficiently, and the operational drag is becoming a real factor when assessing new counterparty risk. Has anyone found particular strategies or best practices for streamlining this process?
Absolutely, we've experienced the same, especially with new counterparties in certain jurisdictions. It seems like the regulatory environment is tightening across the board, pushing more diligence onto the onboarding process.