Onboard clients, assess their risk and identify them –
efficiently and in compliance with the GwG

Not all lawyers are "obliged entities" within the meaning of the GwG.

Under Section 2 (1) no. 10 GwG, lawyers, legal advisors who are members of a bar,

patent attorneys and notaries are obliged entities insofar as they

a) participate on behalf of their clients in the planning and execution of the following

transactions:

aa) purchase and sale of real estate and commercial enterprises,

bb) management of money, securities or other assets,

cc) opening or management of bank, savings or securities accounts,

dd) raising the funds required for the formation, operation or management of

companies,

ee) formation, operation or management of trust companies,

companies or similar structures, or

b) carry out financial or real estate transactions in the name and on behalf of the client.

2. In-house lawyers (Syndikusrechtsanwälte)

As follows from Section 6 (3) GwG, this in principle also applies to

in-house lawyers if they carry out the above catalog transactions in the course

of their professional activity as employees of a company.

BetterCo supports GwG-compliant onboarding and monitoring of your clients, investors, buyers, merchants, holdings, customers and more. The KYC onboarding covers the identification (= data collection) of your customers – whether natural persons or legal entities (B2C/B2B KYC) – and, where applicable, the identification of beneficial owners and authorized representatives. To do this, we access public data sources to pre-fill as much data as possible. Based on the data collected, you can prepare the risk assessment and derive due diligence obligations. To also verify the identity of customers, beneficial owners and authorized representatives after identification, we offer suitable methods – from face-to-face verification to a qualified electronic signature with VideoIdent. Of course, you can also bring your own DocuSign account.

BetterCo integrates seamlessly into your website. The data is stored directly in your BetterCo workspace and can be further qualified through KYC-compliant onboarding, risk assessment and identity verification. If needed, the customer can be invited to collaborate in BetterCo at any time to add or confirm information.

Thanks to our approach of generating no-code workflows and dynamically storing extended master or process data, all processes can be adapted to your needs. By default, every workflow produces a PDF report at the end. This can serve as a "bridge" to email- and paper-based processes. Alternatively, you can easily create workflows in which you store your PDF reports. This way, you can digitize your existing customer journey step by step.

BetterCo is an end-to-end system that supports all onboarding processes, from integration into your website to contract signing. At the same time, BetterCo's architecture is designed to integrate into existing system landscapes. Together with our partners, we are constantly expanding our "out-of-the-box" integrations, e.g., with law firm systems such as LegalSense or CRMs such as HubSpot. Get in touch with us.

BetterCo lets you regularly match all of your customers' company and contact data against public data sources such as the commercial register or PEP, sanctions or adverse media data. You can set up dedicated notifications that inform you, for example, about the appointment of new managing directors, changes in the shareholder structure or a PEP entry.