The Law Society of Scotland’s Anti-Money Laundering (AML) team has published initial findings from its thematic review of Suspicious Activity Reports (SARs), indicating robust procedures in many firms but also highlighting areas needing improvement. The review, which examined 50 legal practices via a questionnaire, aimed to gauge the profession’s grasp of the SAR regime and…
The role of regulation in promoting diversity – or why the regulator should not stay out of the way
In a recent blog post, Mark Neale, Chief Executive of the Bar Standards Board of England and Wales, rebutted the suggestion from the Chair of the Bar Council that the regulator should “stay out of the way” concerning issues of equality and diversity within the legal profession. The Bar Standards Board very different stance on…
Anti-Money Laundering vulnerabilities analysis
The Law Council of Australia recently commissioned an independent analysis of the risks facing the Australian legal profession in relation to money laundering and terrorism financing. This analysis reveals that while there are positive attitudes and behaviours regarding integrity and risk awareness, certain vulnerabilities still persist. These vulnerabilities vary across jurisdictions and practice types, with…
11th Circuit concurrence makes ‘modest proposal’ for use of AI-powered large language models in legal interpretation
In a recent concurrence from the 11th Circuit’s decision in Snell v. United Specialty Ins. Co., Judge Kevin Newsom explored the potential for AI-powered large language models (LLMs) to aid in legal interpretation. While the case itself concerned an insurance dispute over whether a ground-level trampoline project counted as “landscaping” under the policy terms, Judge…
New artificial intelligence tech regulations do not need to reinvent the wheel
Brett McGrath, President of the Law Society of New South Wales (NSW), emphasized the importance of not “reinventing the wheel” in the regulation of artificial intelligence (AI) during his address to a NSW Upper House Inquiry into AI. McGrath advocated for the NSW government to consider both domestic and international efforts in AI regulation, suggesting…
Legal Services Board unveils interactive map and research to drive action to enhance legal sector diversity
The Legal Services Board (LSB) has published an interactive map along with two comprehensive reports aiming to break down barriers within the legal profession that hinder individuals from diverse backgrounds from achieving successful legal careers. These initiatives pinpoint critical stages in legal careers where barriers such as elitist perceptions, undervaluation of non-traditional entry paths, workplace…
EU Corporate Sustainability Due Diligence Directive (CSDDD) passed by EU Parliament: What are the implications?
On May 24, 2024, the EU Parliament approved the Corporate Sustainability Due Diligence Directive (CSDDD), establishing stringent new requirements for large companies operating within and outside the EU to conduct thorough due diligence on human rights and environmental impacts. The directive applies to companies with significant employee counts and financial turnovers and includes those engaged…
Implementation of the European Artificial Intelligence Act in Ireland
The Law Society of Ireland has made a submission to the Irish Government on how it believes the European Artificial Intelligence Act (AI Act) should be implemented in Ireland. The EU’s AI Act, which is designed to regulate and foster responsible AI development, officially came into force on August 1, 2024. The AI Act classifies…
Maintaining a strong focus on enforcing the law
In her opening address at the General Counsel Summit on August 7, 2023, Australian Securities and Investments Commission (ASIC) Deputy Chair Sarah Court outlined for lawyers working in the companies it regulates, how it intended to approach enforcement over the coming year. Ms Court highlighted greenwashing, where misleading environmental claims by companies can significantly impact…
Conveyancers should move away from holding client accounts
Licensed conveyancers in England and Wales are being encouraged to transition away from maintaining client accounts, as discussed at a round-table hosted by the Council for Licensed Conveyancers (CLC). The discussion highlighted the risks and regulatory burdens of managing client accounts, including compliance, cybersecurity, and anti-money laundering efforts. Contributors to the discussion from the payments…