Legal Tech News and Events: July 25, 2022

News: £27 Million Worth of Crypto Seized by UK’s National Crime Agency

Institutions and organizations that are involved in cryptocurrency need to be wiser in handling it since an annual report from UK’s National Crime Agency (NCA), showed that £26.9 million ($32.4 million) worth of cryptocurrency from the past year has been seized. 

The NCA is tasked to investigate organized crimes, cybercrime, and economic crime. According to the report, the agency targeted cash-based and high-end money laundering that impacted the UK and the main vulnerabilities criminals exploited. 

Despite its volatility and susceptibility to digital fraud and theft. Many US Law firms, including Big Law, have been accepting crypto payments. An opinion from the District of Columbia Bar Legal Ethics Committee provided terms for agreeing on payment from clients. This includes: 

  • A clear explanation of how the client will be billed.
  • The change in the market value of the cryptocurrency triggers obligations by either party.
  • Whether the lawyer or the client will be responsible for cryptocurrency transfer fees.

Report: Accenture’s Compliance Risk Study

Over the past year, global regulations have become more stringent when it comes to protecting data privacy and protection. Though there is still no federal law in the US, states have been proactive in creating laws to protect consumers and businesses. The compliance landscape is getting more complex which is why compliance leaders have become major players when it comes to managing and relaying the risks to different departments. 

A report from Accenture provides compliance leaders from different industries a voice. This includes ways for them to keep up on the accelerated transformation of technology, addressed environmental, social, and governance (ESG) concerns, and respond to developing compliance laws. Below are the highlights of their survey:

  • Operating costs on compliance due to customer demands will increase by 30% 
  • 90% of leaders are anticipating more changes in regulations
  • 78% want to understand the financial risk of ESG
  • 95% share the responsibility of compliance across their own organization
  • 54% believe that AI and ML solutions will help their companies with compliance
Infiniglobe specializes in legal technology assessments and has helped law departments of fortune 500 corporations, reach out to us at info@infiniglobe.com or at (833) LGL-TECH.
  • Legal Tech
  • Cryptocurrency
  • Compliance

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