African Legal Awards Innovation Award: Norton Rose Fulbright
Norton Rose Fulbright has collaborated with a fintech firm to create a know-your-client tool
November 04, 2016 at 02:20 PM
2 minute read
Chief business development and marketing officer for Africa Nico Olwagen (with award) and Greg Nott, director, awards host broadcaster Leanne Manas (left) and Legal Week's Natalie Hill (right)
Finalists: Absa Bank (highly commended), Afriwise, Bowmans, Couto Graça e Associados, TTA – Sociedade de Advogados (PLMJ Network), Vieira de Almeida & Associados (VdA), Webber Wentzel, White & Case
Norton Rose Fulbright clinched the innovation award for its collaboration with fintech firm Gladi8 in creating a know-your-client tool (DocFox), which helps financial services companies comply more easily with South Africa's Financial Intelligence Centre Act (FICA).
Those rules mean certain financial institutions are obliged to verify the identity of clients or persons on whose behalf their clients are acting, before they can engage in transactions. It is the first legal compliance technology tool for identifying and verifying clients under FICA legislation, allowing users to quickly submit and verify documents and carry out fraud checks to help combat money laundering (the software can also screen against politically exposed person databases and sanctions lists).
The tool is initially being targeted at foreign exchange traders and asset managers, with a banking group currently trialling the product ahead of a wider rollout to this part of the market in the coming months.
DocFox is available online or can be integrated within existing systems, and users can also upload digital photographs or scanned images of documents from smartphones and tablets, allowing remote verification of clients. The tool helps lower the cost of complying with FICA rules and speeds up transactions with new clients.
- Click here for more coverage of the African Legal Awards, including full details of all the winners and insight into the judging panel's thinking
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All![DeepSeek and the AI Revolution: Why One Legal Tech Expert Is Hitting Pause DeepSeek and the AI Revolution: Why One Legal Tech Expert Is Hitting Pause](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/4a/f6/62f476814a4bbe57b17e0afd2bdd/deepseek-app-4-767x633.jpg)
DeepSeek and the AI Revolution: Why One Legal Tech Expert Is Hitting Pause
4 minute read![What Happens When a Lateral Partner's Guaranteed Compensation Ends? What Happens When a Lateral Partner's Guaranteed Compensation Ends?](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/9c/47/f55d72654a2f9fc53f8bd33ff307/business-handshake-767x633.jpg)
What Happens When a Lateral Partner's Guaranteed Compensation Ends?
![Lawyers React To India’s 2025 Budget, Welcome Investment And Tax Reform Lawyers React To India’s 2025 Budget, Welcome Investment And Tax Reform](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://images.law.com/international-edition/contrib/content/uploads/sites/378/2024/08/Indian-Flag-767x633.jpg)
Lawyers React To India’s 2025 Budget, Welcome Investment And Tax Reform
![Russia’s Legal Sector Is Changing as Western Sanctions Take Their Toll Russia’s Legal Sector Is Changing as Western Sanctions Take Their Toll](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://images.law.com/international-edition/contrib/content/uploads/sites/378/2023/04/Moscow-Russia-767x633.jpg)
Russia’s Legal Sector Is Changing as Western Sanctions Take Their Toll
5 minute readTrending Stories
- 1Coral Gables Attorney Busted for Stalking Lawyer
- 2Trump's DOJ Delays Releasing Jan. 6 FBI Agents List Under Consent Order
- 3Securities Report Says That 2024 Settlements Passed a Total of $5.2B
- 4'Intrusive' Parental Supervision Orders Are Illegal, NY Appeals Court Says
- 5Federal Laws Also Preempt State's Swipe Fee Law on Out-of-State Banks, Judge Rules
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250