Automate the KYC process in 4 simple steps

In today's business world, efficiency and compliance are crucial. Businesses face the challenge of meeting the legal requirements for "Know Your Customer" (KYC) while optimizing their operations. The good news is that it's possible to automate the KYC process and remain 100% compliant at the same time. In this article, we show you how to achieve this in 4 simple steps with BetterCo.

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Step 1: Digital data collection

The first step in automating the KYC process is to collect and verify the required customer data. Ideally, master data should be cross-checked against public data sources and continuously synchronized.

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How to collect data efficiently with a platform like BetterCo

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Whether you're a lawyer, a tax advisor, a fund or simply a company – with BetterCo's digital KY-X processes for legal entities and natural persons, you boost your productivity, take the load off your specialists and meet all compliance obligations in an audit-proof way with minimal effort.

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Choose ready-made KYC processes or create your own in minutes

Your client / customer can be onboarded either via a web form or directly in your workspace.

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Thanks to our interfaces, 80% of the data is pre-filled as if by magic

If our system finds your client / customer in the commercial register, much of the information is pre-filled, such as company and address data, beneficial owners, legal representatives and much more.

We also provide you with the latest documents from the commercial register, such as the register extract, the shareholder list and much more.

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Collaborate on the KYC process in real time

With built-in guidance in the fully digital onboarding, we reduce the number of follow-up questions to your specialists many times over

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Meet your verification and documentation obligations with automatically generated KYC reports

Once the KYC process is complete, a KYC report is created for your client and stored audit-proof in the digital matter file.

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Step 2: Identity verification

The next step in automation is verifying customers' identities. 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 collected is accurate and up to date.

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BetterCo offers a plug & play suite for digital and automated identity verification – here's how it works:

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With BetterCo, you verify the identity of your clients / customers quickly, easily and 100% GwG compliant, and start contract signing digitally. Thanks to the latest AI and OCR technologies, you not only automate identity verification but also make a valuable contribution to preventing identity fraud.

Verify your new clients in minutes and comply with all KYC regulations with ease.

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Choose from 4 identity verification methods

• Support for classic face-to-face / in-person identification
• Storage of the notarized copy of ID / passport documents for identification
• Integration of AutoIdent procedures into the digital onboarding process so customers can conveniently identify themselves – integration of VideoIdent procedures, also to support the qualified electronic signature (QES)

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ID documents are read automatically

Using the latest technologies, data from international identity documents such as passports or ID cards is read fully automatically and simply presented to you for review.

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Step 3: Risk assessment

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The next phase involves assessing the risk associated with each client and continuous monitoring. Automated tools can match databases against sanctions lists to ensure that no business is conducted with sanctioned individuals or entities. In addition, these systems can detect suspicious activity that may indicate money laundering or fraud. Continuous monitoring ensures that risks are identified and addressed in real time.

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Efficient risk assessment and real-time screening against AML data sources with BetterCo

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Use the ready-made risk assessment to classify the risk of clients, customers, merchants, investors or buyers across various risk categories, and screen 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 meet your verification and documentation obligations with minimal effort.

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Assess the risk of your clients / customers

Switch from fixed review intervals to a dynamic process that responds to relevant changes, notifies you fully automatically and, where necessary, triggers enhanced due diligence obligations. Use our perpetual KYC solution to automate ongoing monitoring across your business network.

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Start the ongoing AML check at any time

Continuous AML screening increases your efficiency and cost-effectiveness and strengthens a sustainable, scalable compliance process. Identify potential risks almost instantly and make the right risk-based decisions.

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Meet your verification and documentation obligations with automatically generated risk reports

Once the risk assessment is complete, a risk report is automatically created for your client / customer and stored in the digital matter file. This gives you access to all relevant data at any time, so you're always well informed – with just one click.

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All risks across your organization at a glance on your personal risk dashboard

Your personal dashboard shows risk positions for the entire organization or for individual professionals / partners, by criteria such as origin, organizational structure, legal form and risk structure. Combined with the automatically generated risk reports, you're ready for inspection at all times.

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Step 4: Ongoing monitoring

The final step is to integrate the automated KYC solution seamlessly into your existing business processes. This allows you to embed the KYC process in your customer onboarding process and ensure that all relevant departments have access to the KYC data. You also need to make sure your automated KYC platform is updated regularly to keep pace with changing legal requirements.

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With BetterCo, you can sit back – AML alerts & the event ticker keep you up to date

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BetterCo monitors all PEP watchlists, sanctions lists and adverse media in real time and notifies you as soon as a match with your existing or newly acquired clients / customers is found.

It's not just the regulatory framework that is changing rapidly – on your client's / customer's side, too, there are new relevant events and changes every day, which you are informed about in real time, such as changes at shareholder level. This keeps you up to date and ready for inspection throughout the entire customer lifecycle.

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Manage your clients centrally & digitally

The digital matter file gives you fast access to all relevant information, documents, communication histories and events. This significantly reduces manual effort and enables seamless communication between your staff and clients. All parties are always up to date and have transparent access to the data they should see.

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The benefits of an automated KYC process

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Automating the KYC process is not only possible but also extremely beneficial for your business. It saves time and resources, minimizes the risk of errors and ensures that your business is 100% compliant at all times. With the right automated tools and a clear implementation plan, you can integrate the KYC process smoothly into your operations and achieve your compliance goals. Don't miss the chance to improve your KYC practices while making your business more efficient

With BetterCo and digital KY-X processes for legal entities and natural persons, you boost your productivity, take the load off your specialists and meet all compliance obligations in an audit-proof way with minimal effort.

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Your benefits with BetterCo at a glance

• Up to 90% higher productivity and relief for your specialists
• Ability to provide evidence and information to supervisory authorities
• Focus on added value instead of administration
• 360° view of all clients
• Highest security standards
• Ongoing real-time monitoring – always up to date
• More efficient collaboration, internally & externally
• Minimize manual intervention and error rates
• Better compliance & transparency through precise tracking
• The best user experience for your clients / customers

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