Commonwealth Bank uses NLP and AI to dissect 1.5 million paragraphs of regulation into bitesize, actionable tasks

ING and Commonwealth Bank of Australia (CBA) have successfully completed a RegTech pilot to simplify processing of information and implementation of regulation using the Markets in Financial Instruments Directive II (MiFID II) as a test case. The UK Financial Conduct Authority (FCA) was a key member of this experiment and participated as an observer of the project. The FCA understands the benefits of collaboration in areas where an industry solution is beneficial for the overall system, such as compliance. Observing the project gave the FCA greater understanding of the potential applications of RegTech, Natural Language Processing (NLP) and Artificial Intelligence […]

Clayton Utz selects cloud-based platform for KYC and AML compliance

Clayton Utz has selected the Intapp business acceptance solution as part of its risk management and AML/KYC compliance programs. Clayton Utz will be deploying the Intapp professional services platform in the cloud for use across its six offices in Sydney, Brisbane, Melbourne, Perth, Canberra and Darwin. “Law firms worldwide are under considerable pressure to demonstrate that they have processes and controls in place to conduct due diligence and thoroughly assess client-related risks in an evolving regulatory environment,” said Marin Sardelic, Managing Director for Intapp in APAC. “Forward-thinking firms like Clayton Utz are preparing for stricter Anti-Money Laundering and Know Your […]

Australia’s Newest ASX-Listed Law Firm / Professional Services Group

JYG Australia Ltd [ASX:JYG] is becoming a listed company on the ASX. It is the holding company of TST Partners Group (TST). TST is a multidisciplinary financial services firm which provides accounting, legal and corporate services based in Melbourne, Australia. The first “TST” entity (TST Accountancy Pty Ltd) was established in 1988. The company is raising $3.4m as part of its IPO. The listing is being combined with a number of acquisitions including Rose Lawyers and Conveyancers, located in Melbourne’s Forest Hill. Prior to the listing and its associated acquisitions, TST was comprised of 30 professionals. In FY 2017 the firm generated […]

Disturbing lack of due diligence being undertaken by lawyers and conveyancers

The 2018 Australian Due Diligence survey by technology company InfoTrack has found there is a disturbing lack of due diligence being undertaken by lawyers, conveyancers and accountants to verify the identity of clients or check sanctions lists to ensure they really know who they are doing business with. Worse still, the findings of the 2018 survey compared those of a similar survey conducted in 2016 clearly demonstrate the situation is deteriorating.  For example: In 2018, only two per cent searched sanctions lists, compared to 18 per cent in 2016 while 12 per cent conducted Anti-Money Laundering and Counter Terrorism Financing […]

The next big, exciting, disrupting, money-making, technologically-transforming thing

In case you didn’t know, RegTech is a thing. It’s not only a thing. It’s shaping up to be the next big thing. The next big, exciting, disrupting, money-making, technologically-transforming thing. There are questions about whether RegTech is an offspring of FinTech or perhaps a cousin of LegalTech. At this stage, what we do know is that it is the newest member of the family. What its exact relationship is to the other techs will no doubt become clearer with time. RegTech is technology that helps organisations comply with regulations. So what? You may ask. In case you haven’t noticed, […]

McCullough Robertson adopts Luminance’s artificial intelligence technology

McCullough Robertson has deployed Luminance’s machine learning technology for due diligence in corporate M&A transactions. Luminance’s ground-breaking artificial intelligence technology offers a faster and more comprehensive way of conducting due diligence. Using sophisticated machine learning algorithms, Luminance provides an immediate and global overview of any body of legal documents, identifying patterns and pinpointing warning signs without the need for instruction. McCullough Robertson’s decision reflects their reputation as a leader amongst Australian law firms and a pragmatic, business-orientated firm. “Our adoption of Luminance helps us deliver solutions that break with industry norms and unlock new opportunities and value for our clients.” […]

Now you can compare selected text or clipboard text with new version of compareDocs

Latest compareDocs Release Expands Document Comparison to Include Comparing Snippets of Text or Code for Differences DocsCorp has announced that its document comparison software, compareDocs, has undergone a major upgrade that includes two new comparison workflows; Compare Selected Text and Compare from Clipboard. The latest version (4.3 U2) is now available. New Comparison Workflows in the Market-Leading Document Comparison Tool The new Compare Selected Text and Compare from Clipboard functionalities give users the ability to compare specific sections or snippets of text. Rather than comparing an entire document with a modified version, compareDocs users can save time and stay focused on […]

ASX and InfoTrack to Compete with PEXA

InfoTrack has confirmed that it intends partnering with ASX to provide an electronic property settlement platform. Subject to regulatory approval from ARNECC, the platform is expected to be operational this year.  Mr Dominic Stevens, CEO of ASX said that ASX is investigating how it can leverage its existing infrastructure for the platform.  Legal Practice Intelligence understands that the co-operation between ASX and InfoTrack is likely to be in the form of a jointly owned private entity. The name of the new platform has not yet been announced.  Also not known is whether there will be any integration between the new platform and PEXA. […]

What is missing the most in the legal hackathon movement?

What is missing the most in the legal hackathon movement is not enthusiastic younger people who are in the early stages of their careers. What is missing the most is the participation of older experienced lawyers, technologists and practice managers. Don’t underestimate the contribution you can make if you have worked in law firms, in-house or in any aspect of the legal system for years or decades. You know the problems that exist. You know the minefields that need to be navigated to turn ideas into successful initiatives. Here is your chance to come together with an inter-generational group as […]