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 law 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 assists law firms in quickly and client-friendly onboarding new clients and efficiently ensures compliance with the requirements of the Anti-Money Laundering Act (GwG) within the Know-Your-Customer (KYC) process.

In the legal sector, challenges posed by complex legal requirements and heterogeneous workflows are significant, which can lead to serious gaps. Particularly the elaborate KYC process, required under the Anti-Money Laundering Act, presents challenges for law firms. Through the integration of BetterCo’s onboarding and compliance module into the 5F platform, law firms can now fully digitize the entire client acceptance and onboarding process. Company data and beneficial owners are automatically identified, and clients receive pre-filled digital questionnaires for self-disclosure. The module automatically screens organizations and their contacts against lists of politically exposed persons (PEP), sanctions, and adverse media, enables continuous monitoring, and summarizes all results in a risk analysis and documentation. Client portfolios can also be included in these processes via import interfaces.

“The partnership with BetterCo and integration into the 5F platform is a logical and correct step into the future for us. By using the new onboarding and compliance module, law firms and companies reduce the risk of regulatory violations, thereby preventing fines and reputational damage. Furthermore, the module optimizes process efficiency and promotes digitalization, resulting in greater transparency and faster workflows. The BetterCo module is an excellent addition to 5F.”

Andreas Baier, Founder and CTO of 5FSoftware

“Compliance with guidelines is crucial for law firms even when opening new files. With the BetterCo compliance module, all tasks of the KYC process in onboarding can be handled digitally and stored centrally. This significantly reduces effort, lowers risks, and accelerates workflows. We are pleased to have gained 5FSoftware as another significant partner, who is complementing their products with our specific onboarding and compliance expertise.”

Eckhard Ortwein, Founder and CEO of BetterCo

About 5FSoftware GmbH
With its 5F platform, Regensburg-based 5FSoftware GmbH enables efficient and clear work and communication processes for law firms and companies. In addition to structured collaboration with external contacts, such as clients, customers, and suppliers, 5F also covers internal company processes. 5F is used as a central communication channel in various sectors with similar requirements, such as tax consulting, auditing, legal consulting, or management consulting. As an integrated communication solution, 5F seamlessly integrates into existing software landscapes and enables central 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. Clients are supported in optimally integrating 5F into their software environment to fully leverage the potential of their IT infrastructure.
More info at: 5fsoftware.de

About Founders1 GmbH
Founders1 develops and markets the AI-powered onboarding and compliance platform BetterCo, tailored for regulated industries such as legal, 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 digitize 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, enriching them immediately. The use of AI automates workflows and adapts them to the individual context. With BetterCo, onboarding processes become efficient and client-centric, while accompanying compliance processes are carried out compliantly. The BetterCo Compliance Module has already been integrated into the products of market leaders such as stp.one and Wolters Kluwer.
More info at: betterco.ai