KYC/AML for offshore digital accounts - how do you handle the moving target?
Been dabbling more with offshore digital banking solutions for corporate entities lately, specifically for clients with varied international income streams. It's great for diversification and often for simpler cash flow management in certain jurisdictions, but I'm finding the KYC/AML landscape to be a bit of a moving target. One day a provider is fine with a certain level of beneficial owner disclosure, the next they're asking for proof of residence for the second cousin twice removed of the office cleaner's dog. It feels like every year the goalposts shift, making it tough to onboard efficiently without significant back-and-forth. For those of you regularly utilizing or advising on these services, what's your strategy for staying ahead of the compliance curve, or at least keeping pace without losing your mind?
I've noticed the same, especially with newer fintechs trying to establish themselves globally. It really boils down to how robust their internal compliance teams are and which correspondent banks they're partnered with.