KYB for Legal Entities with PSPs: Has anyone encountered many loopholes?
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Let's discuss. I'm looking into PSPs (Payment Service Providers) to support the increasing volume for our trading business. Once I started looking into KYB (Know Your Business) for legal entities... some providers require more documents than applying for a visa to Mars. Some seem too easy, making me wonder if customer data will truly be secure. Or is the standard really this different? Especially regarding the verification of the Ultimate Beneficial Owner (UBO). Sometimes the information is grey, with representatives from offshore companies appearing as UBOs. Has anyone experienced cases where KYB took months or required resubmitting documents repeatedly due to poor systems? Or has anyone found a PSP with a smooth, seamless process and can discreetly tell me what to look for? I just want to ensure we're not wasting too much time on something trivial.