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Onboarding Friction for Multi-Challenge Prop Firms - KYC/AML Overkill?
Running into some serious friction lately with prop firms offering multiple challenge levels. Every time I pass one stage and want to scale up, it's like a fresh KYC/AML process all over again. I understand the regulatory side, but surely there's a more streamlined way to handle repeat clients. It's not just the time lost, but the repeated document submissions, the waiting game. Are other practitioners seeing this? Is there a firm out there that's figured out a sensible solution to expedite this for traders who've already proven their identity and passed initial checks?
2 comments · 2 points
I've definitely experienced this too. It's frustrating to pass a challenge only to hit another administrative wall. Perhaps they could implement a tiered verification that builds on previous submissions.