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Suspicious Transaction Reporting - A Checklist

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Suspicious Transaction Reporting (STR) or Suspicious Activity Reporting (SAR) has become the prime focus of the finance industry, which is particularly under the radar of law enforcement agencies and regulators. Financial companies are struggling to comply with the Bank Secrecy Act (BSA) and to efficiently report suspicious transactions. SARs are critical to the nation’s BSA and effective utilization of financial data can serve as a deterrent to terrorism financing and money laundering . Maintaining a structured and streamlined SAR process helps organizations file complete, informative, and timely SAR reports. Companies need to ensure that their SAR process includes but is not limited to policy, privacy, civil rights, technology, training, and outreach.[1]
1. Advocate the SAR ProcessFirst and foremost, the company’s leadership team must vigorously advocate the SAR process both within and outside the company. They must effectively communicate this to their employees and ensure that adeq…

6 NDA – Requisite Questions for In-House Counsel

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Any business that hires employees or works with contractors and business partners will inevitably need to exchange proprietary information in order to carry out business.  Non-disclosure agreements, or NDAs, can help ensure this information is protected and not used against you.

Regardless of the type of NDA used, effective ones should do the following:
Identify the parties bound to the agreement.Define which information should be considered confidential and which should be excluded.Describe how parties receiving confidential information should use and protect it.Include terms covering the expiration of the NDA and procedures for returning classified information to the sender.Describe the remedies that could result from breaching the NDA.Here are six key NDA drafting and litigation considerations for organizations working with partners domestically and overseas:





LegalEase Solutions is a legal service provider, with a dedicated and skilled team of attorneys, pioneering technology and a co…

How to Manage Automotive Warranty Litigation

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Automakers around the world are expanding warranty coverage to increase clientele and remain competitive, but the associated costs and risks are proving to be detrimental. The mechanized makeup of today’s automotive units has resulted in rising manufacturing defects, maintenance issues, and difficulties in identifying the source of defects. The mounting safety requirements and warranty litigation are terminating in highly liable products that exceed their break/fix costs[1]. Historical data has proven that Original Equipment Manufacturers (OEM) will face increased warranty expenses this year while suppliers may have to contribute a greater per-vehicle percentage to these expenses[2].

To manage these warranty risks and claims, automotive companies can follow systemized procedures that will reduce the number of claims and cost of repairs[2]:
1.Warranty Risk Management Prior to Contracting The warranty risk management process should begin even before the contracting phase. Suppliers shoul…

What Makes an AML Program Effective

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Nearly two trillion dollars are laundered globally every year through humantrafficking, drug smuggling, terrorism,andother organized crimes, with the US alone losingnearly 500 billion dollars of taxes annually. To gear up for the mounting risks of money laundering, all companies need to enforce a well-coordinated AML audit program, that complies with the Bank Secrecy Act (BSA) and the Financial Industry Regulatory Authority, both of which ensure that appropriate procedures and internal controls are in place to account for changes in regulations and business.

What Constitutes an Effective AML Program
A successful AML program revolves around the following pillars of compliance:

1. Appointing an AML compliance officer
Adesignated AML compliance officer , well-versed with the BSA, should monitor the company's compliance with AML obligations, oversee the employees’ training, ensure the proper maintenance of all AML records,and promptly fileSuspicious Activity Reports with the Financial Cri…

Alternative Legal Service Providers are Now Mainstream

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Alternative Legal Service Providers – the New Player Alternative Legal Service Providers (ALSPs) are legal service businesses that take on legal processes from law firms and organizations, perform them at a lower cost, and often with increased efficiency, flexibility, and speed[1][2]. More and more companies are routinely transferring their legal services to ALSPs, while law firms are outsourcing expensive and time-consuming projects to them. According to a recent survey by Thomson Reuters[3], ~51% of law firms and 60% of corporate legal departments use ALSP services. While cost-effectiveness is one of the reasons ALSPs are gaining popularity, another is that these businesses often have expertise that is not available in-house in many law practices. ALSPs usually specialize in high-demand legal services such as Document Review, Discovery, Contract Lifecycle Management, Compliance, Litigation, IP management etc. (refer Chart 1).

Chart 1: Law firm and Corporate use of ALSPs. Source: Thom…

CLM Trends in Store for 2019

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What lies ahead for Contract Lifecycle Management (CLM)? Fourteen law and technology experts shared their thoughts on the next decade of CLM[1] and indicated that 2019 will be a big year for contracting:

Standardized programs will bring harmony to contract management.Lauryn K. Haake (HBR Consulting) says that “contracting in the future will be driven from a standardized program”. She believes that the processes involved in CLM need to be aggregated into harmonious, manageable programs. These programs will enable companies to organize request processes & engagement, contract drafting, clause selection protocol, risk & obligation management, approval & signature policies, compliance, information governance, and records retention.
Linda Chuan (Thomson Reuters) also echoed the power of standardization and playbooks which she says “will permit sourcing professionals to negotiate directly based on a series of approved terms.”
Technology, technology, and more technology. Dennis Gar…

5 Key Considerations for M&A Deals

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5 Key Priorities for your Legal Department

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The Future of your Legal DepartmentLegal departments keen on transitioning from a traditional to a more modern code should keep these priorities in mind to stay competitive with peers. Installing inventive and effective cost control strategies, channeling technology to drive efficiency, making cybersecurity a priority, shaping sturdy legal operation departments, and collaborating with law firms that proactively show value will help your legal department conquer the increasingly complex legal landscape.

LegalEase Solutions is a legal services provider offering corporate legal departments and law firms innovative support with their Contract Lifecycle Management, compliance, document review, legal intelligence, on-demand legal operations, and legal research and writing. Our team can function as an extension to your legal department and ensure that your abilities and resources stay up to date with your needs. If you have a project you need a hand with, feel free to reach out to us at cont…

Canada’s Data Breaches No Longer a Secret

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With Canada’s mandatory breach reporting requirements coming into force as per the updated Personal Information Protection and Electronic Documents Act (PIPEDA) on November 1, 2018, all domestic and foreign organizations subject to the PIPEDA (i.e any organization that collects, uses, or shares the personal information of consumers in Canada) will now have to fulfill three herculean requirements[1]: They will have to report all their data breaches to the Office of the Privacy Commissioner of Canada.They will have to notify individuals affected by such breaches. This applies when the breach causes “risk of significant harm“ such as bodily harm, mutilation, damage to reputation, relationships or property, negative effects on credit identity theft, and loss of professional opportunities.They will need to maintain records of data breaches for up to two years.Vice-President of Compliance for Box, Crispen Maung, says “In addition to being able to demonstrate that they have an effective data…