I agree with the fact that any bank that does "delayed compliance". i.e does not do full compliance up front but waits until account is funded to then do compliance is dishonest. This is normally a cost saving measure to reduce the number of compliance staff needed and speed︀ up account openings. In effect they save money by not doing compliance on accounts that︁ will never be funded. However it has a negative effect on customer experience and leaves︂ a bitter taste in ones mouth and especially when the delayed compliance takes ages due︃ to lack of staff and funding for client on-boarding which should have been addressed in︄ first place.
You take your own risk dealing with such banks long term.
You take your own risk dealing with such banks long term.