Regensburg, November 20, 2024 – The integration of BetterCo’s AI-powered onboarding and compliance module into the 5F platform will facilitate Know-Your-Customer (KYC) processes and anti-money laundering compliance 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 onboarding new clients quickly and in a customer-friendly manner, while efficiently ensuring compliance with the requirements of the Anti-Money Laundering Act (GwG) as part of the Know-Your-Customer (KYC) process.

In the legal sector, the challenges posed by complex legal requirements and heterogeneous workflows are significant, which can lead to serious gaps. The extensive KYC process required under the Anti-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 process of client acceptance and onboarding completely digitally. Company data and beneficial owners are automatically identified, and clients receive pre-filled digital questionnaires for self-disclosure. The module automatically checks organizations and their contacts against lists of politically exposed persons (PEP), sanctions, and adverse media, enables continuous monitoring, and consolidates all results in a risk analysis and documentation. Import interfaces also allow the existing client base to be included in these processes.

About 5FSoftware GmbH

With its 5F platform, 5FSoftware GmbH from Regensburg enables efficient and streamlined work and communication processes for firms and companies. In addition to structured collaboration with external contacts such as clients, customers, and suppliers, 5F also covers internal company workflows. 5F serves as a central communication channel in various sectors with similar requirements, such as tax consulting, auditing, legal consulting, or business consulting. As an integrated communication solution, 5F integrates seamlessly into existing software landscapes and enables centralized control of all work processes through connection to document management systems (DMS) and other tools. Flexible interfaces and secure authentication processes ensure constant access to all important information, thereby promoting productivity and data quality. Customers are supported in optimally integrating 5F into their software environment to fully leverage the potential of their IT infrastructure.
More information at: 5fsoftware.de

About Founders1 GmbH
Founders1 develops and markets the AI-powered 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. BetterCo’s no-code technology makes it easy to digitalize even complex onboarding and compliance processes. Thanks to its open integration architecture, these processes can be seamlessly integrated into existing products, systems, and data inventories and immediately enriched. The use of AI automates workflows and adapts them to individual contexts. With BetterCo, onboarding processes become efficient and customer-centric, while associated compliance processes are conducted in full compliance. The BetterCo compliance module has already been integrated into their own products by market leaders such as stp.one and Wolters Kluwer.
More information at: betterco.ai