Posts Tagged ‘Legal’
How law firms use Xapien for Initial Due Diligence in client onboarding
A common challenge we often hear from legal clients is conducting thorough due diligence on all their clients and demonstrating this compliance to the regulator.
Read More9 AI background research use cases | Updated for 2024
Regardless of your industry, the question is no longer whether you need AI… but how to use it. From scrutinising potential partners and suppliers to ensuring compliance with regulations, AI has become an indispensable time-saving and cost-reducing tool.
Read MoreLaw firm buyer’s guide to compliance tools
Key takeaways When looking at a new compliance solution for your process, there are a couple of key elements that play into a buyer’s mindset. First and foremost is resource constraint. It’s looking at the existing technology stack and it’s ensuring that there’s a way to bring together all of those different elements. Xapien is…
Read MoreConflicts challenges facing law firms in 2024, and how to solve them
Undeclared conflicts of interest open the door to lawsuits, disqualified court cases, and fines. In 2023, a known city firm was ordered to pay a six-figure sum back to a former client as it had breached its duties.
Read MoreSRA Risk Outlook report: Familiarity is key to AI adoption in law firms
In November 2023, the Solicitors Regulation Authority (SRA) published their Risk Outlook report on the use of artificial intelligence in the legal market.
Read MoreWhat you need to know about Xapien and the EU’s AI Act
While the Act doesn’t currently restrict or otherwise apply to Xapien’s product and our users due to how we handle open source information, we’re keeping a close eye on any developments.
Read MoreThe UK’s second Economic Crime Plan and how AI can help
For the last four years, the UK’s Economic Crime Plan has aimed to equip both the public and private sectors with information and tools needed to ‘detect, deter and disrupt’ financial crime.
Read MoreStrengthen AML risk management by learning the story of clients
There’s a shift in client onboarding that’s been happening for a while — firms are moving away from surface-level due diligence and taking a more comprehensive approach. They’re delving into the story behind database hits and adverse media. Why? To give the anwsers context, pinpoint the risks, and effectively manage them.
Read MoreWhat law firms need to know about the SRA’s new guidance on client risk assessment
The Solicitors Regulation Authority (SRA) recently revealed that nearly 30% of law firms audited for their adherence to AML rules in the last year were non-compliant.
Read MoreRecap of the KYC and AML landscape in 2023, and what’s next for 2024
We’ll explore the KYC and AML shifts that took place in 2023 and what to expect from the landscape in 2024.
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