The KYC/AML Gauntlet for Prop Trading Firms – Is it Getting Worse?

Alright, so we're scaling up our prop trading operation, looking to onboard a few more traders, and the sheer inertia of the KYC/AML process with our various prime brokers and counterparties is becoming a major bottleneck. Each new relationship feels like an interrogation, even with established corporate structures and clean records. It's not just the initial onboarding, it's the constant requests for updated documents, beneficial ownership declarations that feel like they're reinventing the wheel every six months, and the occasional head-scratching rejection for what seem like trivial formatting issues. Are other firms seeing this intensification, or have we just been particularly unlucky with our selection of partners? I understand the regulatory imperative, especially post-FTX, but there has to be a more streamlined, less duplicative approach out there. It's almost enough to make you long for the days of handshake deals and a briefcase full of cash, almost. This administrative drag seriously eats into our operational efficiency and, frankly, our enthusiasm. Any hacks for speeding this up without cutting corners, or is this just the price of doing business in a regulated space now?