Scaling KYC/AML internationally without a nightmare of fractured tech stacks
We're a small-to-medium sized FX broker looking to expand beyond our current primary jurisdiction. The main headache isn't necessarily the initial licensing in new regions, but rather the operational overhead that comes with it, particularly around KYC/AML.
It feels like every new market demands a slightly different flavor of ID verification, sanctions screening, and transaction monitoring. We're currently using a reasonably robust third-party solution, but even they have limits to their global coverage and granular rule sets. The alternative seems to be patching together multiple vendors, which inevitably leads to data silos, integration headaches, and a fragmented view of risk.
So, for those of you who have scaled globally, especially in competitive, low-margin spaces, how are you approaching the tech stack for compliance? Are you trying to centralize on one super-vendor, building custom layers, or just accepting the 'best of breed' approach even with its integration pains? Specifically interested in how you manage the dynamic nature of regulatory change across different regions without constant overhauls.