From web registration through KYC including identification of beneficial owners, risk evaluation and assessment, to identification and engagement letter signing — based on customizable no-code workflows and pre-filled data from public data sources.
> 90%
More productivity and less workload for specialists
5x
Faster to engagement letter signing
360°
View of all clients
With more than 100 lawyers, YPOG is one of Germany's leading law firms for venture capital, private equity and fund structuring, with offices in Berlin, Cologne and Hamburg.
Onboarding new matters and opening new matters was handled entirely by email and on paper. Before engagements could be signed, this led to long turnaround times and enormous administrative effort for lawyers and staff.
Lawyers are obliged entities under the German Anti-Money Laundering Act (GwG) if they are involved in catalog transactions pursuant to Section 2 (1) No. 10 GwG. The KYC effort caused frustration — not only among clients, but also among lawyers.
There was no system that held all the necessary data end to end to operate in an audit-proof way, be able to provide information at any time and inform the supervisory authorities transparently about the risk position of the firm and its lawyers.
BetterCo provides YPOG with an audit-proof platform that digitizes the entire customer journey for client onboarding and matter opening.
The YPOG office team captures all clients across all channels — not just those requiring KYC. This makes it possible to record a complete risk position for the entire firm and per lawyer.
Thanks to the connection to the commercial register, data and documents are pre-filled automatically. Communication with clients runs through a chat module instead of email.
Onboarding of natural persons and legal entities, risk assessment, digital and analog identity verification (face-to-face, certified copy, IDnow) and signing of the engagement letter. The new matter is created in BetterCo and handed over to the firm's LegalSense system.
80–90%
More productivity
5x
Faster onboarding
< 5%
Partner Involvement
With BetterCo, we achieve enormous time and cost savings in KYC onboarding and risk assessment of our clients, signing of engagement letters and ongoing AML monitoring. Our clients appreciate the short turnaround times, and we no longer have to play email ping-pong. Our partners can focus on their projects instead of tedious administration.
Helder Schnittker Managing Partner, YPOG Partnership Berlin BetterCo is an end-to-end onboarding and all-in-one collaboration platform for GwG-regulated businesses in law, tax and finance and their clients. BetterCo captures low-risk clients directly and higher-risk clients securely, including audit-proof fulfillment of all anti-money laundering obligations, and ensures you can provide evidence and information to supervisory authorities at any time. A fully digital, KYC-compliant customer journey speeds up the process from sign-up to engagement letter signing by up to 5x and increases productivity and reduces specialists' workload by up to 90%.
Easily register, categorize and qualify potential customers, including integrated self-onboarding and pre-built workflows.
Flexibly perform client, merchant, customer, investor or buyer KYC for legal entities or natural persons and document it in an audit-proof way
Screen customers against AML data sources at any time, assess the risk, derive the due diligence obligations and evaluate the risk position
Choose from any digital or analog identification and verification methods and signing procedures, and use open banking and integration options
Hand over client and matter master data to the firm's system via workflows and avoid duplicate entry
Features that help teams work more productively internally and with clients. Always stay informed about updates from public sources and the commercial register on clients, customers, merchants, buyers or investors
Document management and automation based on validated data and integrated into compliance and collaboration workflows
Smart entity management from incorporation through financing to exit by linking events, contacts and documents
Ensure a complete audit trail with audit history and workflow reports. Always ready to provide information via dashboards.
Get started today and become 100% compliant.
Not all lawyers are "obliged entities" within the meaning of the GwG.
Under Section 2 (1) No. 10 GwG, lawyers, chamber-registered legal advisors, patent attorneys and notaries are obliged entities insofar as they
a) assist their clients in planning and carrying out the following transactions: aa) buying and selling real estate and commercial businesses, bb) managing money, securities or other assets, cc) opening or managing bank, savings or securities accounts, dd) raising the funds required to set up, operate or manage companies, ee) setting up, operating or managing 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 also applies in principle to in-house lawyers (Syndikusrechtsanwälte) 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, … KYC onboarding covers the identification (= data collection) of your clients — 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 data as far as possible. Based on the collected data, you can create the risk assessment and derive due diligence obligations. To verify the identity of clients, 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 can be embedded seamlessly into your website. The data is stored directly in your BetterCo workspace and can be further qualified along the KYC-compliant onboarding, risk assessment and identity verification. If needed, the client can be invited to collaborate in BetterCo at any time to add or confirm information.
Our approach of generating no-code workflows and dynamically storing extended master or process data lets you adapt every process to your needs. By default, every workflow produces a PDF report at the end, which can serve as a “bridge” to email and paper-based processes. You can also easily set up workflows in which you store your PDF reports. This way, you can digitalize 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 software such as LegalSense or CRMs such as HubSpot. Contact us.
BetterCo lets you regularly match all company and contact data of your clients against public data sources such as the commercial register or PEP, sanctions and 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.
