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NRF teams with tech company for compliance solution

Norton Rose Fulbright (NRF) and global regulatory technology business Kyckr are collaborating to assist market services companies across Australia.

user iconJerome Doraisamy 02 March 2018 Big Law
tech company for compliance solution
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NRF is working alongside Kyckr to provide clients with specialised end-to-end solutions for their Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations.

In a statement, both NRF and Kyckr espoused their belief that the combined support of the firm’s Australian regulatory support, and the tech provider’s blockchain solution, would benefit reporting entities in improving how they adhere to their AML/CTF duties.

Speaking to Lawyers Weekly, Kyckr chief executive David Cassidy said its ‘Company Watch’ solution will help clients properly identify the people they are in transactions with.

Banks, financial services and planning institutions, stockbrokers and many others can benefit from such services, he said.

“What we do that’s different is we are connected to over 180 company registers around the world, and so we can let clients know about any changes to a company so they can action it straight away,” he explained.

“This is different to traditional full reviews, which don’t look up what’s changed. It’s about the veracity of data.”

Under the Australian AML/CTF regime, reporting entities are required to have risk-based systems and controls in place so as to aid ‘Know Your Customer’ verifications, where such checks are needed for ongoing customer due diligence purposes.

“Doing periodic reviews isn’t good enough,” Mr Cassidy said.

The announcement is timely, in light of the recent additional powers granted to the Australian Transaction Reports and Analysis Centre (AUSTRAC) to respond to AML/CTF offences, such as the allegations being dealt with in the ongoing CBA matter.

In light of this, collaboration with lawyers and law firms becomes paramount for the benefit of businesses, Mr Cassidy argued.

As a result, teaming up with NRF is a significant development, he said.

“If we don’t [team up] with lawyers, we’re not delivering full value to our clients.”

“We will do this around the world to ensure our customers get the best results,” he concluded.

Jerome Doraisamy

Jerome Doraisamy

Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.

You can email Jerome at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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