KYC/AML hurdles with Prop Firms - Anyone else getting stuck?
Starting to wonder if these prop firms secretly don't want to pay out, or if their compliance departments are just run by particularly enthusiastic toddlers. I've been trying to get set up with one firm for a week now, providing every document under the sun, and still getting bounced back for the most trivial things. Bank statement not 'clear enough' (it's a PDF from the bank!), proof of address from six months ago 'too old' (it's the most recent utility!), etc. It's not just this one either; seems to be a recurring theme across a few. \n\nIs it just me, or has the KYC/AML process gotten exponentially more painful with prop firms specifically? Are they using different criteria than a regular broker, or is it a sign of deeper infrastructural issues on their end? Genuinely curious if others are hitting these same brick walls or if I just have a particularly 'problematic' set of documents in the eyes of their onboarding teams. Might just be me needing a stronger coffee, but it's becoming a right pain.
It's not usually about not wanting to pay out, it's about covering themselves from a regulatory standpoint. If your documents aren't pixel-perfect, they won't risk it. Try a different prop firm; some are more streamlined than others with their KYC.