Deus ex machina: Linklaters signs up Lloyds and RBS to ring-fencing software as firm develops brace of AI products

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Deus ex machina: Linklaters signs up Lloyds and RBS to ring-fencing software as firm develops brace of AI products

Linklaters has launched a pair of artificial intelligence (AI) products in the latest innovation push for the Magic Circle firm, including a tool to navigate ring-fencing reforms for core banking clients.

Both Lloyds Banking Group and The Royal Bank of Scotland (RBS) have used the firm’s LinkRFI software, which is used to classify thousands of customer names in a fraction of the time it would take a human to complete. The classifications are needed to help ensure separation between banks’ retail and investment arms, to comply with ring-fencing reforms introduced by the Bank of England.

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Hot private equity money is remaking Europe’s legal market

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Hot private equity money is remaking Europe’s legal market

What are we to make of the most aggressive raid between top ten City firms since Allen & Overy helped itself to the bulk of Norton Rose’s leveraged finance team back in 2002? In some ways, news this month that Freshfields Bruckhaus Deringer is to ship in a productive five-partner buyout group from Ashurst seems even more notable.

For Freshfields, which has shied away from lateral recruitment in its European heartlands, to make such a huge commitment is striking and speaks to the doubled-down bet the Magic Circle firm has made in private equity and related finance.

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Sponsored briefing: Offshore but not off limits

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Sponsored briefing: Offshore but not off limits

Navigant’s David Lawler on recent developments in asset-tracing claims

Given the multiplicity of channels available to money launderers and the increasingly sophisticated methods they use to cover their tracks when routing dirty money, claimants in asset-tracing cases face many barriers to recovering funds. Indeed, electronic banking means that funds transfers across borders and through multiple accounts allow fraudsters to quickly and repeatedly splinter assets into sub-accounts, almost instantaneously. They have many ways to hide money, involving webs of credits and debits between banks and intermediaries. Continue reading “Sponsored briefing: Offshore but not off limits”

White & Case and SullCrom advise as Deutsche Bank fined over £500m for money laundering claims

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White & Case and Sullivan & Cromwell have advised Deutsche Bank as Germany’s largest lender has been fined £500m by the Financial Conduct Authority (FCA) and the New York’s Department of Financial Services over money laundering claims. Continue reading “White & Case and SullCrom advise as Deutsche Bank fined over £500m for money laundering claims”

Slaughters and Addleshaws follow Simmons in developing fintech funds

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Slaughter and May and Addleshaw Goddard are targeting the fintech market, following in Simmons & Simmons’ footsteps to develop funds that back free legal advice to fintech clients.

In May Simmons launched a £100,000 fund to cover free advice for up to four fintech start-ups. In November Slaughters upped the ante, putting £300,000 forward for its initiative. Meanwhile, Addleshaws has also announced it will provide up to £500,000 worth of legal mentorship and advisory programmes for up to 16 selected start-ups over the next 12 months.

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Too big to fail? The battle to keep ring-fencing reforms on track

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Envisaged in the wake of the financial crisis, ring-fencing reforms will tie up banks and legal advisers for years. Legal Business asks if the process is on track

Experienced financial regulation partner Bob Penn, who moved to Cleary Gottlieb Steen & Hamilton last year and advised HSBC on the controversial bank ring-fencing reforms while at Allen & Overy (A&O), is clear on whether those reforms are fit for purpose. ‘This is a hugely unwelcome and disruptive process, and frankly yet another distraction from running a profitable bank at a time when they are already facing a cascade of regulatory reform and the prospect of Brexit.’

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