There is a big difference between the technical requirements of sending funds and the regulatory requirements of sending funds. Yes the first part is easy, but it is not the hard part.
I agree.
Do you think the KYC measures are what's causing the delay? I'd have guessed that those are mostly front-end requirements (I know when I opened my account I had to submit passport and other verification docs).
Or could it be the record-keeping requirements? My opinion is that record-keeping is electronic and automatic, so probably not the problem.
What about AML reporting requirements? You could argue that it takes time to "establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions". But on the flip side, this is a road that many have already traveled down, and a playbook for MSB's is readily available. Here's an example:
http://www.fincen.gov/financial_institutions/msb/materials/en/prevention_guide.htmlI'm curious to know your opinion as to which parts of the regulatory requirements would cause such an extraordinary delay?
They just switched banks because their old bank was not comfortable with the levels of traffic. Banks move slowly, especially when dealing with companies that have had regulatory actions against them (USG seized MtGox's Dwolla linked account). The new bank will not allow them to ramp up their volume until they are absolutely sure all the t's are crossed and all the i's are dotted.