KYC was a drag on earnings when it was introduced, but seems like it is across the industry.
I'm not sure why you would expect them to do this prior to accepting your money, it just needs to end up in a KYC account on the way out.
i gather the float of customer payments pending disbursement makes up a large part of the $30m cash on the balance sheet, but is pretty rapidly turned over.
cash accounting for customers money?, page-2
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