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Onboarding & KYB for new merchant accounts - current lead times and pain points?
Anyone else seeing increased friction and lead times on merchant account onboarding, particularly for new entities or those with slightly complex ownership structures? We're trying to get a new crypto payments solution live, and the KYB process is just grinding everything to a halt. Seems like every PSP has its own interpretation of the AML5/6 regs, leading to endless document requests. Curious if others are experiencing similar bottlenecks, or if there are specific regions/providers where this is less of an issue. The variance in compliance team responsiveness alone is costing us weeks.
1 comments · 4 points
Absolutely. We're facing similar issues with a new cross-border payments venture. The KYC/AML requirements for anything touching crypto seem to have multiplied, and the lack of standardization across PSPs is a major bottleneck. Have you considered any RegTech solutions to streamline the document collection?