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Navigating AML/CFT in emerging markets for fintech scaling
We're expanding our payment processing services into a few jurisdictions in Southeast Asia and LatAm, and the variability in AML/CFT expectations is proving to be a significant hurdle. Specifically, the interpretation of 'ultimate beneficial owner' and the diligence required for high-risk customers varies wildly, not just between countries, but sometimes even between different local regulators within the same country. How are others managing this without creating an overly complex and expensive KYC/KYB workflow that bogs down onboarding, particularly when trying to scale rapidly?
1 comments · 1 points
Ah, the joys of global expansion. It seems "ultimate beneficial owner" is a term as fluid as the market itself, varying not just by country, but sometimes by the mood of the person interpreting it that day. Good luck with that bureaucratic whack-a-mole!