Sydney, Australia – The British Consulate-General in Sydney today hosted a “Morning Tea” with the Australian legal industry, as part of the UK Lawtech Trade Mission visit to Australia, to assist UK lawtech companies with expanding their reach in the country. The event provided an opportunity for UK legal tech companies to engage with the legal sector in Australia and briefly introduce their businesses and technology. Seven companies presented to the group, including Verify 365, a digital onboarding technology provider.
Elisa Henderson, Senior Manager – Business Relations (Financial & Professional Services) at Department for International Trade, expressed her delight in supporting UK companies with their expansion plans in Australia, saying, “The Australian market presents significant opportunities for UK lawtech firms, and we are committed to supporting them in their expansion plans.”
The legal technology market in Australia is growing at an unprecedented rate, with a recent report indicating that the industry is estimated to reach AUD 2.2 billion by 2025. Collaboration between international lawtech industry and local law firms is crucial to accelerating innovation and meeting the increasing demands of the legal sector in Australia.
The reception from the legal industry was incredibly positive, with attendees showing great interest in the presented companies and their technology platforms. Rudi Kesic, CEO at Verify 365, presented the company’s technology to the group and stated, “We are thrilled to have had the opportunity to introduce our innovative digital onboarding technology to the Australian legal industry, and we are confident our software solutions can help Australian law firms transform their onboarding processes and ensure full AML compliance.”
Ewan Evans, Professional Business Services Project Manager at Department for Business & Trade, who organised the visit for UK companies to Sydney, stated, “The UK-Australia FTA creates an exciting opportunity for UK lawtech companies to enter the Australian market and establish a foothold here.”
Alistair Marshall, commented on the quality of the technology platforms pitched at the event and said, “I am confident that all the companies presenting will be very successful in Australia. In particular, I look forward to seeing how Verify 365’s digital onboarding technology can assist law firms with their AML compliance requirements.”
In addition to the presentations, the British Consulate provided an outline of the UK-Australia Free Trade Agreement (FTA) and the benefits it offers for firms. The benefits include access to a larger market, elimination of tariffs, streamlined customs procedures, and more.
“The new Anti-Money Laundering (AML) Counter-Terrorism Financing (CTF) regulations announced by the Australian Attorney General aim to strengthen Australia’s AML/CTF regime and to align it with international standards, highlighting the importance of Verify 365’s digital onboarding technology in helping law firms meet their AML compliance requirements,” added Rudi. “Verify 365’s digital onboarding technology fully complies with the new AML and CTF regulations because it is designed to capture all the necessary information required for customer due diligence checks, including biometric identification and document verification, making it easier for law firms to comply with the new rules. Verify 365 also offers ongoing monitoring and reporting features to ensure that law firms remain up-to-date with the latest AML/CTF requirements.”
“Verify 365’s technology stands out from the crowd due to its advanced use of AI and machine learning. For example, our DynamicID biometric risk engine uses machine learning algorithms to analyse thousands of data points, including facial recognition and document verification, to determine the likelihood of identity fraud. There is nothing like this in Australia. Our technologyuse of advanced technology has positioned the company as a leader in the legal tech industry.”
The “Morning Tea” event was a resounding success, with attendees leaving with a greater understanding of the UK lawtech industry and its potential benefits to the Australian legal sector.
The British Consulate-General in Sydney is committed to supporting UK lawtech companies in their efforts to expand into the Australian market and work collaboratively with local industry players to accelerate innovation and meet the demands of the legal industry.