Onboarding and compliance
for regulated companies and developers
Onboarding and compliance
for regulated companies and developers
Onboarding and compliance
for regulated companies and developers
In today's business world, efficiency and compliance are crucial. Companies are faced with the challenge of meeting Know Your Customer (KYC) regulatory requirements while optimizing their operations. The good news is that it is possible to automate the KYC process while remaining 100% compliant. In this article, we'll show you how to achieve this in 4 simple steps with BetterCo.
The first step in automating the KYC process is to collect and check the necessary customer data. In the best case scenario, the master data should be cross-checked with public data sources and synchronized on an ongoing basis.
Whether you are a lawyer, a tax consultant, a fund or simply a company - with the digital KY-X processes for legal entities and natural persons, BetterCo increases your productivity, relieves your specialists and at the same time fulfills all compliance obligations in an audit-proof manner and with minimal effort.
Your client / customer can be onboarded either via a web form or directly in your workspace.
If your client / customer is found by our system in the commercial register, a large part of the information is pre-filled, such as company and address data, the beneficial owners, the legal representatives and much more.
In addition, we provide you with the latest documents from the commercial register, such as the extract from the commercial register, list of shareholders and much more.
Thanks to integrated assistance in fully digital onboarding, we reduce the number of queries to your specialists many times over
Once the KYC process has been completed, a KYC report is created for your client and stored in the digital file in an audit-proof manner.
The next step towards automation is to verify the identity of customers. Modern technologies such as artificial intelligence (AI) and machine learning should be used here. Automated systems can scan documents such as ID cards and passports and extract the information to verify the customer's identity. This step is crucial to ensure that the data captured is accurate and up to date.
With BetterCo, you can check the identity of your clients / customers quickly, easily and 100% MLA-compliant and start the contract signing process digitally. Thanks to the latest AI and OCR technologies, you not only automate identity verification, but also make a valuable contribution to the prevention of identity fraud.
Check your new clients in just a few minutes and relax and comply with all KYC regulations.
Using the latest technologies, the data from international identity documents such as passports or ID cards is read fully automatically and simply presented to you for verification.
The next phase involves assessing the risk associated with each client and continuous monitoring. Automated tools can check databases against sanctions lists to ensure that no business is being conducted with sanctioned individuals or companies. In addition, these systems can detect suspicious activity that could indicate money laundering or fraud. Continuous monitoring ensures that risks are identified and addressed in real time.
Use the ready-made risk analysis to classify the risk of clients, customers, traders, investors or buyers along different risk categories and check your customers against AML data sources at any time. BetterCo automatically derives the due diligence obligations and necessary review cycles for you.
With automatically generated risk reports, you can fulfill your verification and documentation obligations with minimal effort.
Move from fixed review intervals to a dynamic process that responds to relevant changes and notifies you fully automatically, triggering enhanced due diligence where necessary. Use our continuous KYC solution to automate ongoing monitoring across your business network.
Continuous AML screening increases your efficiency and cost-effectiveness and strengthens a sustainable and scalable compliance process. Identify potential risks almost immediately and make the right risk-based decisions.
Once the risk analysis has been completed, a risk report is automatically created for your client/customer and saved in the digital file. This means you have access to all relevant data at all times and are always well informed, with just one click.
On your personal dashboard, you can view risk positions for the entire company or for individual professionals/partners according to criteria such as origin, organizational structure, organizational form and risk structure. In combination with the automatically generated risk reports, you can obtain information at any time.
The final step is to seamlessly integrate the automated KYC solution into your existing business processes. This allows you to incorporate the KYC process into your customer onboarding process and ensure that all relevant departments have access to the KYC data. In addition, you need to ensure that your automated KYC platform is regularly updated to keep pace with changing regulatory requirements.
BetterCo monitors all PEP watch lists, sanctions lists and unsolicited media in real time and notifies you as soon as a match is found for your existing or newly acquired clients / customers.
Not only is the regulatory framework changing rapidly, there are also new, relevant events and changes on the part of your client/customer every day, which you are informed about in real time, such as changes at shareholder level. This keeps you up-to-date and able to provide information throughout the entire customer lifecycle.
The digital file gives you quick access to all relevant information, documents, communication processes and events. This significantly reduces manual effort and enables seamless communication between your employees and clients. All parties are always up to date and have transparent access to the data they need to see.
Automating the KYC process is not only possible, but also extremely beneficial for your company. It saves time and resources, minimizes the risk of errors and ensures that your company is 100% compliant at all times. With the right automated tools and a clear implementation plan, you can smoothly integrate the KYC process into your business operations and achieve your compliance goals. Don't miss the opportunity to improve your KYC practices and make your business more efficient at the same time
With BetterCo and the digital KY-X processes for legal entities and natural persons, you can increase your productivity, relieve your specialists and at the same time fulfill all compliance obligations in an audit-proof manner and with minimal effort.
Start with mandates in hours instead of weeks and relieve staff
Experience 5x faster customer due diligence
Efficient risk management thanks to automated compliance checks and customizable risk models
Verify the identity of your clients in minutes & sign digitally
Protect your company with continuous monitoring
First-class collaboration and digital housekeeping with clients & customers
Integrate BetterCo seamlessly into your system and offer your customers an exceptional customer experience throughout the entire customer lifecycle.
