Regulatory Ramblings

• Ep 67 - Selective Enforcement & Global Risk: A Tectonic Shift in AML

  Episode #67 with Nigel Morris-Cotterill, Oonagh van den Berg and Malcolm NanceIn this episode of Regulatory Ramblings, the panel tackles the Trump administration’s controversial move to suspend enforcement of the Corporate Transparency Act (CTA)—a key anti-money laundering (AML) initiative passed under the Biden administration. The decision, announced by the U.S. Treasury Department in early March, stated that it would halt all penalties and fines associated with beneficial ownership information reporting under current regulatory deadlines. Crucially, it also confirmed that no penalties would apply even after forthcoming rule changes take effect—effectively dismantling the mechanism meant to expose the real owners of shell companies.The net result: the U.S. government will no longer require shell companies to disclose their beneficial owners, allowing wealthy individuals and corporations to hide their profits from public scrutiny. The CTA, passed in 2021, had required companies to submit ownership data to FinCEN (Financial Crimes Enforcement Network) as a means to tackle tax evasion and corporate cronyism. The rule's enforcement had already been frozen by a federal court order. Reacting to the Treasury’s announcement, President Donald Trump took to Truth Social, calling the CTA “an absolute disaster for Small Businesses Nationwide” and celebrating the suspension of what he described as “the economic menace” of beneficial ownership reporting.This episode’s Spotlight segment features returning guest Nigel Morris-Cotterill, a renowned expert in counter-money laundering and financial crime compliance. He breaks down why the term “beneficial ownership” is a legal misnomer in corporate law and argues that the CTA was always set up to fail—especially in a country like the U.S. that has historically resisted full FATF compliance. Nigel discusses how this rollback affects compliance expectations in Asia-Pacific financial hubs like Hong Kong and Singapore, stressing that legal and compliance professionals in the region must remain vigilant. He also cautions that the rollback creates tension between U.S. and local AML standards, while selective extraterritorial enforcement by the U.S. is all but guaranteed.Joining the discussion, Malcolm Nance and Oonagh Van den Berg weigh in on the global implications of the move. They explore whether this rollback represents a temporary pause for regulatory review or a tectonic shift in the U.S.’s approach to corporate accountability, transparency, and AML enforcement. Oonagh underscores that while the CTA imposed real burdens on SMEs, the abandonment of enforcement could signal a broader retreat from anti-corruption efforts—especially as the Trump administration also moves to suspend the Foreign Corrupt Practices Act (FCPA) and disband units focused on fighting kleptocracy.Together, the panel explores pressing questions: Will deregulation lead to more illicit finance? Is this the start of a new multipolar world order where financial crime enforcement becomes political and transactional? They touch on how trade-based money laundering, sanctions evasion, and the exploitation of legacy systems like hawala continue to pose massive risks to financial systems.The conversation ends with a consensus that blanket deregulation is not the answer. Instead, they call for smarter, more risk-based, tech-enabled regulation that moves beyond box-ticking and uses modern tools—like AI and data analytics—to target the real threats. It’s a sobering yet thought-provoking discussion on what may be the beginning of a global recalibration in financial crime compliance.HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

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• Ep 66 - The U.S. Strategic Reserve and the Emerging Multipolar Crypto World

  Episode #66 with Henri Arslanian (Nine Blocks Capital Management) and Andrew Fei (King & Wood Mallesons)This episode opens with Andrew Fei discussing recent US crypto regulatory developments. Then, Henri Arslanian, a leading voice in global crypto circles, shares his insights on the Trump administration’s decision to establish a cryptocurrency strategic reserve made up of Bitcoin, Ethereum, Solana, XRP, and Cardano. “This really may start paving the way for other countries to look at potentially acquiring Bitcoin as part of their strategic… their own basket of reserves,” he said, referring to the ripple effect the U.S. reserve move could have on global sovereign crypto adoption. In the Spotlight segment, Andrew discusses with Regulatory Ramblings host, Ajay Shamdasani, the implications of recent US regulatory developments for Asia, the Mideast, the rest of the world such as the GENIUS Act and the recent White House Crypto Summit in Washington, DC. Henri then shares his thoughts on the Trump administration’s decision to create a reserve composed of Bitcoin, Ethereum, Solana, XRP, and Cardano. While acknowledging it is a significant step forward for crypto, he said the move is not without criticism because it begs the question why certain virtual assets were chosen for the reserve and not others. Reflecting on the 2024 US Presidential Election, Henri stressed that concerns over which party would be friendlier to the industry was partly why the recent US presential election swung in Donald Trump’s favor because for many single-issue voters, the future of digital currencies was their paramount concern. In that sense, it could be said that 2024 was the election that the crypto bros bought.   Henri also shares his thoughts on what it means for the rest of the world if the US creates its own crypto reserve, stating the entry of institutional and sovereign players hints at a more distributed global adoption trend.  While the idea of a strategic reserve for critical assets or commodities is not new, it is curious as to why President Trump did so now when he was vehemently against crypto during his first term (2017-21). The popular press has suggested that Silicon Valley power players such as Peter Theil, Marc Andreessen and Elon Musk helped Trump change his mind and brought him around to the cause. As Henri himself wrote in a recent piece on LinkedIn: “We should expect criticism—rightly so—regarding how the included coins were selected for this reserve. Bitcoin makes complete sense. One could also argue for ETH and perhaps SOL. However, the inclusion of XRP and ADA will likely be questioned.”  Additionally, Solana and Ethereum are two platforms used by many American firms including important companies like Visa and Blackrock.  As Henri noted in his recent article, the presidential action prohibited the purchase of additional crypto without a specific executive or legislative action. Simply put: “the U.S. is not going to buy new Bitcoin but rather keep the 200,000 BTC it already holds mainly via the seizure of Silk Road assets and the recovery of the Bitfinex hack.” Moreover, mainland China purportedly holds around 190,000 Bitcoin, primarily acquired through its 2019 seizure from the PlusToken ponzi scheme, and the UK allegedly owns 60,000 seized Bitcoin. For more about our guests, please visit: www.hkufintech.com/regulatoryramblingsHKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

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• Ep 65 - Trump’s Anti-Corruption Rollback: Executive Order Sparks Global Concerns

  Episode #65 with Tom Fox & Malcolm Nance, plus Philip Rohlik This episode is devoted to discussing the recent executive order signed by US President Donald J. Trump instructing the Department of Justice to halt enforcement of the decades old, much-dreaded Foreign Corrupt Practices Act (FCPA) pending a one-year review. In our initial “Regulatory Ramblings Spotlight” segment, we speak with Philip Rohlik, an American attorney in mainland China with the law firm Debevoise & Plimpton to get a sense of what the president’s decision means for Hong Kong and the broader Asia-Pacific. Following that, we have a lengthier chat on the global implications of President’s Trump’s move with Tom Fox, a veteran compliance and anti-corruption lawyer, noted FCPA specialist and podcaster, as well as Malcolm Nance, a former US naval intelligence officer, counterterrorism specialist and author. About the guests. Philip Rohlik is a counsel in the Shanghai office of Debevoise & Plimpton LLP. He is a member of the firm’s White Collar & Regulatory Defense and International Dispute Resolution Groups whose practice focuses on international investigations, securities law and dispute resolution. He is recognized by “The Legal 500 Asia Pacific – Greater China” (2024-2025) for his anti-corruption and compliance practice and has been described as “very thorough and hands on," and "excellent investigation lawyer". Based in Asia since 2011, Philip leads the firm’s dispute resolution team in Shanghai. He joined Debevoise in 2000, having received his J.D. magna cum laude from the New York University School of Law that same year. He received a B.A. summa cum laude with honors from St. Louis University in 1997. Tom Fox is based in West Texas and a prominent member of the compliance community and one of the most well-known legal practitioners when it comes to the FCPA. Over the past 15 years, he has been a general counsel and chief compliance officer. He is now an independent consultant, assisting companies with anti-corruption, anti-bribery compliance, and international transaction issues. He is also the author of the award-winning FCPA Compliance and Ethics Blog and the international best-selling book “Lessons Learned on Compliance and Ethics.” His podcasts have won numerous w3, Davey, Communicator, and Webby awards for podcasting excellence. Tom is the author of the seminal text “The Compliance Handbook,” now in its 5th edition published by LexisNexis. In addition to his blog and podcast, he is a columnist for “Corporate Compliance Insights” and a contributing editor to the “FCPA Blog.” He is a well-known and frequent speaker on compliance and ethics issues, social media use, and corporate leadership. In the interests of full disclosure, Tom is founder of the Compliance Podcast Network which also carries this program. Malcolm Nance is based in upstate New York. He was a 20-year veteran of the US Navy where he was an intelligence officer and cryptographer, and a Russian and Arab language specialist. In his capacity as a master chief, he was responsible for discipline all throughout the ranks. He is best known for his appearances on MSNBC where he warned about Russian interference in the run up to the 2016 and 2020 US Presidential elections. Malcolm is also a best-selling author – with his books “The Plot to Hack America,” “The Plot to Destroy Democracy,” “The Plot to Betray America” and most recently “They Want to Kill Americans” – all of which are well worth reading. Given the radical actions of the second Trump administration, his two most recent books seem eerily prescient. HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

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• Ep 64 - Building Inclusion Through Sustainable Leadership + The EU Omnibus Proposal

  With guests Dr. Inna Amesheva (ESG Book) and Janet Ledger (Commuity Business)In time for International Women’s Day on March 8th, Dr. Inna Amesheva and Janet Ledger explore the evolving role of ESG in regulation and inclusion. Dr. Amesheva, Head of ESG Regulatory Solutions at ESG Book, examines Europe’s push to simplify ESG rules, while Janet Ledger, CEO of Community Business, highlights how ESG drives diversity, equity, and inclusion (DEI) despite growing political backlash.As companies navigate complex ESG regulations and rising calls for transparency, this episode examines the balance between reducing compliance burdens and maintaining sustainability standards.The Omnibus Proposal: Simplifying ESG or Scaling Back Standards?Dr. Inna Amesheva deep dives into the EU Omnibus Proposal, an initiative aiming to streamline ESG compliance by consolidating frameworks like the EU Taxonomy and CSRD. The proposal could reduce corporate reporting burdens by 33%, but critics argue it may weaken sustainability standards.What’s driving this shift? Political and economic factors, including macroeconomic pressures and the impact of recent U.S. elections, are influencing the European Commission’s stance on ESG.The discussion also touches on making some ESG metrics voluntary—a move that could ease compliance but raise transparency concerns. Additionally, changes to the Green Asset Ratio (GAR) could allow banks to use estimation models for non-European companies, potentially improving global ESG alignment but also sparking debate over data reliability and consistency.ESG as a Driver for DEIShifting to ESG’s role in workplace inclusion, Janet Ledger shares her journey from working-class Australia to leadership in Hong Kong, emphasizing the strong link between ESG and DEI.She explains how the social and governance pillars of ESG—covering workforce diversity, human rights, and board transparency—directly support DEI objectives. Companies that integrate both ESG and DEI tend to see stronger reputations, better talent retention, and competitive advantages.Examples like mandated pay equity reporting in Australia and board diversity requirements illustrate how ESG frameworks can drive meaningful change. However, Janet warns against box-ticking approaches, stressing that genuine commitment and measurable action are key.Navigating Backlash and Staying the CourseWith ESG and DEI facing increasing political scrutiny, some critics dismiss them as “woke capitalism.” Despite this, younger employees and investors prioritize ESG-driven companies, seeing them as essential for long-term success.Janet underscores the need for fact-based, rational communication to counter misinformation. She encourages businesses to stay the course, emphasizing that ethical business practices benefit all—driving performance, innovation, and societal progress.The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. For more details and links, please visit: www.hkufintech.com/regulatoryramblingsHKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

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• Ep 63: Compliance in 2025 From Hiring Trends to Leadership Insights in APAC

  With guests Raoul Montgomery, Kirsty Crean, and Brian CheungAs the theme of this episode is compliance, we first hear from Raoul Montgomery and Kirsty Crean of executive search and recruitment firm Arion House in Hong Kong about hiring trends in the legal and compliance space post-Chinese New Year. Hiring in Compliance & Legal: What’s Driving the Surge in 2025? Raoul & Kirsty share the areas in which the financial sector is hiring – with insurance and crypto-compliance being key drivers for of employment. Kirsty and Raoul also share their thoughts on the degree to which firms are hiring legal and compliance staff at more senior levels versus more middle to junior ranks. Indications are that some banking and financial institutions and multinational corporations more broadly are moving more towards retainment mode. That is evidenced by the hiring freezes at some banks in the region. The conversation concludes with what it takes to be a good compliance officer – beyond just knowing the rules, regulations and general knowledge of the sector one seeks employment in. As our guests make clear that while a legal or accounting degree and/or experience will always put one in good stead, in-house/general counsel and compliance officers need soft skills, too.  Inside Compliance: Balancing Risk, Regulation & Work-Life. Our discussion with Brian Yeung of Interactive Brokers delves into why he pursued a law degree. He also describes how he saw himself making a difference by becoming a compliance officer which, he recalls, occurred against the backdrop of the 2001 Enron scandal leading to the collapse of venerable accounting giant Arthur Anderson, the passage of the Sarbanes-Oxley Act (2002) in the US – which forever put a global spotlight on the importance of good corporate governance and the compliance profession writ large. It is a profession that Brian took well to; one he still finds years later to be incredibly stimulating and rewarding. As he avers “There is no typical day for me.” While sharing what his biggest challenges are, Brian stresses the importance of work life balance and considers himself profoundly blessed to usually be able to leave at a reasonable hour each day to spend time with his family after a long day at the office. He contrasts that with the life he might have had as a solicitor in private practice where the perpetual dread to rack up enough bllliable hours annually would likely have impacted his family life, notwithstanding the potentially higher rewards and prestige. While acknowledging that the compliance has long been associated with the legal and accounting professions, he does not believe one necessarily needs to complete a degree in either of those subjects to have a successful compliance career, what that although a law degree can be useful, an investigative mind is also a valuable asset to those considering entering the field. The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. For more details and links, please visit: www.hkufintech.com/regulatoryramblingsHKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

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