巴塞尔协议IV后实物商品流动的KYC/AML

That's an interesting point about Basel IV's ripple effect on less liquid counterparties. I've been wondering if the increased capital requirements might make banks more hesitant to even engage with those markets, regardless of the KYC/AML intensity. Have you seen any shifts in bank appetite for those types of transactions yet?

We've definitely seen an uptick in requests for beneficial ownership information, even for long-standing relationships. It seems less about new 'red flags' and more about an exhaustive application of existing ones, particularly when dealing with intermediaries in less transparent jurisdictions.

It feels less like the red flags are changing and more like the entire flagpole is now under a microscope. Especially with less liquid markets, it's becoming a delicate dance between due diligence and actually closing a deal before the paperwork outweighs the profit.