Onboarding for corporate accounts in challenging jurisdictions – any recent shifts?
We're currently re-evaluating our banking relationships for a few entities operating in what could be described as 'non-standard' jurisdictions. The friction points during KYB for corporate accounts, particularly with anything involving a multi-layered structure, have become increasingly time-consuming and often result in arbitrary rejections or demands for documentation that simply doesn't exist in that specific legal framework. I'm curious if anyone has noticed any particular banks or PSPs becoming notably more efficient or, conversely, tightening their criteria even further over the last 12-18 months for such scenarios. Not looking for specific recommendations per se, but more a pulse check on whether the goalposts are still shifting or if a new equilibrium is being found regarding risk appetite and practical onboarding for these types of clients.
"Non-standard" is a polite way of saying your compliance team probably needs to stock up on antacids. It seems like the goalposts for KYB in those regions don't just move, they're on roller skates and actively trying to trip you.