Regensburg, November 20, 2024 – The integration of BetterCo’s AI-powered onboarding and compliance module into the 5F platform will make Know-Your-Customer (KYC) processes and compliance with anti-money laundering regulations easier for firms in the future. Founders1 GmbH, a legal tech expert and provider of the BetterCo onboarding and compliance platform, and 5FSoftware GmbH have entered into a partnership. As part of this collaboration, BetterCo’s AI-powered onboarding and compliance module will be integrated into the 5F platform. The module supports firms in quickly and customer-friendly accepting new clients and efficiently ensures compliance with the requirements of the Money Laundering Act (GwG) as part of the Know-Your-Customer process (KYC).

In the legal sector, the challenges posed by complex legal requirements and heterogeneous workflows are significant, which can lead to serious gaps. The complex KYC process, which is required under the Money Laundering Act, poses particular problems for firms. By integrating BetterCo’s onboarding and compliance module into the 5F platform, firms can now handle the entire client acceptance and onboarding process completely digitally. Company data and beneficial owners are automatically determined, and clients receive pre-filled, digital questionnaires for self-disclosure. The module automatically checks organizations and their contacts against lists of politically exposed persons (PEPs), sanctions and negative news, enables their continuous monitoring and summarizes all results in a risk analysis and documentation. The client base can also be included in these processes via import interfaces.

About 5FSoftware GmbH

With its 5F platform, 5FSoftware GmbH from Regensburg enables efficient and clear work and communication processes for firms and companies. In addition to structured collaboration with external contacts, such as clients, customers and suppliers, 5F also includes the mapping of internal company processes. 5F is used as a central communication channel in various areas with similar requirements, such as tax consulting, auditing, legal advice or management consulting. As an integrated communication solution, 5F integrates seamlessly into existing software landscapes and, by connecting to document management systems (DMS) and other tools, enables central control of all work processes. Flexible interfaces and secure authentication processes guarantee constant access to all important information and thus promote productivity and data quality. Customers are supported in optimally integrating 5F into their software environment in order to exploit the full potential of their IT infrastructure.
More info at: 5fsoftware.de

About Founders1 GmbH
Founders1 develops and markets the AI-supported onboarding and compliance platform BetterCo, tailored for regulated industries such as law, tax and finance. With BetterCo, companies can serve their clients in a compliant, efficient and collaborative environment. The BetterCo no-code technology makes it easy to digitize even complex onboarding and compliance processes. Thanks to the open integration architecture, these processes can be seamlessly integrated into existing products, systems and data stocks and these can be immediately enriched. The use of AI automates processes and adapts them to the individual context. With BetterCo, onboarding processes are carried out efficiently and in a customer-centric manner, and the associated compliance processes are carried out in compliance at the same time. The BetterCo Compliance Module has already been integrated into their own products by market leaders such as stp.one and Wolters Kluwer.
More info at: betterco.ai