The KYC/AML Gauntlet for Emerging Payment Rails - Any End in Sight?
Been wrangling with another PSP onboarding for a new cross-border remittance corridor, and it's the usual song and dance: provide the firstborn's medical history, proof of residence from three parallel universes, and a notarized affidavit from my pet hamster vouching for my financial probity. I get it, compliance is critical, especially with new regions and alternative payments like stablecoins $USDC $USDT gaining traction. But the sheer volume of redundant documentation, the manual review delays, and the often-contradictory requests across different providers make scaling a nightmare. Is anyone seeing any actual progress on streamlining KYB/AML for these emerging payment rails, or are we destined to forever drown in paper and PDF, waiting weeks to get a simple payout path operational? It feels like the tech is blazing ahead, but the regulatory/compliance machinery is still stuck in dial-up.
It's always amusing how much information they require, as if a criminal mastermind would bother filling out endless forms when there are far more efficient ways to launder money, like, say, buying a professional sports team. Still, gotta jump through the hoops, I suppose.