Kelly Ann McHugh is the Singapore-based director for MyCompliance Office for the Asia-Pacific, a provider of solutions to manage conflicts of interest. Having grown up in New Zealand, she ventured beyond its tranquil confines to explore what the rest of the region had to offer. It took her to a career at Thomson Reuters as its APAC director for APAC regulatory intelligence and compliance training – and beyond!
 
As someone with a strong passion for continued education – especially in the corporate world – and for providing staff with tailored, relevant and practical training, she talks to Regulatory Ramblings host Ajay Shamdasani about the value of compliance, perceptions of the function, being a woman in a field that is still heavily male-dominated, the challenges of being an entrepreneur and what advances in technology mean for the compliance profession more generally.

This podcast is co-hosted by Reg/Tech Lab - HKU FinTech, HKU-SCF Fintech Academy, and the HKU-edX Professional Certificate in FinTech.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

In this recently published Regulatory Ramblings Briefs: “New Technologies, New Crises", The University of Hong Kong’s Douglas Arner (Kerry Holdings Professor in Law) sheds light on the cyclical nature of financial crises and emphasizes the importance of understanding the interdependencies within the crypto ecosystem to gain insights into the health of companies such as Credit Suisse, Silvergate, SVB, and Signature Bank. The podcast highlights the significance of regulatory compliance, but it also highlights the importance of gaining a comprehensive understanding of the financial industry to mitigate future crises. Professor Arner begins his discussion outlining the “timeless relevance” of HKU-edX Introduction to Fintech course, as it helps prepare both professionals and Fintech newcomers with the necessary knowledge and skills to navigate the evolving financial landscape.

Relevant paper to download: The Financialization of Crypto: Lessons from FTX and the Crypto Winter of 2022-2023

Relevant site to visit: HKU-edX Introduction to Fintech (Arabic)

This broadcast is hosted by The University of Hong Kong's Reg/Tech Lab, The HKU-SCF Fintech Academy, and Asia Global Institute

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Oonagh Van Den Berg is founder of the compliance consultancy firm VRS (Virtual Risk Solutions) and RAW Compliance, a global compliance social enterprise providing free training and networking for compliance officers.

​In this episode, she joins Ajay Shamdasani  to discuss what it takes to be a compliance officer – in terms of skills, knowledge, and temperament – as well as the challenges of being a woman in male-dominated fields such as financial services, law and compliance.

They also discuss the role of technology in the legal and compliance professions moving forward, the tendency towards using credentials as a proxy for experience, and the importance of regular upskilling and lifelong learning to stay relevant in an age of perpetual change.

In a separate discussion on Regulatory Ramblings - Briefs, Oonagh discusses her background growing up in Northern Ireland during the tumultuous 1980s, how she found her way into the legal profession. You can listen to this discussion through the Regulatory Ramblings page at: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ajay Shamdasani speaks to Ken Rijock, a former banking lawyer turned-career money launderer, turned-compliance officer specialising in enhanced due diligence and financial crime consulting.

In this episode, they discuss the anti-money laundering (AML), know-your-customer (KYC) and politically exposed person (PEP) risks associated with citizenship and residency by investment schemes in places such as Malta, Cyprus, Nevis and St. Kitts – with strong interest emanating from places such as mainland China, India, Russia and the Middle East.

In an age where citizenship is seen as a commodity, those of means accumulate multiple passports and residency permits – permanent or otherwise – as contingency plans for themselves, their families, and dependents. To keep their options open, the ideal, most sought-after jurisdictions are those in the developed world with stable societies, rule of law and in general, places that are safe for one’s health, wealth, and personal safety, with passports that are respected in the international community that afford one the greatest degree of visa-free travel.

Yet, citizenship-by-investment schemes could be used as portals for illicit financial flows. National governments are, therefore, finally starting to look into both those that facilitate and partake in such programmes - and the source of their funds.

Ken regularly posts to his financial crime blog (https://rijock.blogspot.com). His exploits are recounted in the book The Laundry Man, which he authored.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Invest In Yourself – Study Compliance & Regulation at HKU Law. Syren Johnstone, executive director of The University of Hong Kong’s LLM programme in Compliance & Regulation, talks to Ajay Shamdasani about the degree and its benefits.

-       How students can take what they’ve learned to improve their career prospects

-       The programme as a response to continued definition of what and who compliance in the industry involves, from the CEO to front office staff

-       Fellowship funding available for students that qualify

-       A student body largely comprised of industry professionals from multiple fields related to financial services

-       A programme that keeps abreast of the tectonic shifts in the way regulators and policymakers approach compliance

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ajay Shamdasani speaks to Hue Dang, Global Head of New Ventures, and Senior Asia-Pacific Leader, of the Association of Certified Anti Money Laundering Specialists (ACAMS) on AML, and latest developments on financial crime compliance, touching briefly on how the current state of sanctions affect businesses in Asia. 

In this episode, Hue Dang talks about ACAM's growth and influence in AML and financial crime compliance. Hue also shares her background and how she was drawn to a career in AML and compliance and discussed the increasing automation of financial crime and its impact on the industry. 

Show notes and quotes: 

(01:35) Hue Dang’s journey at ACAMS 

(09:23) ACAMS in China and the region 

(17:09) Future of AML/Compliance profession in terms of employment prospects 

Hue: "Employability factor is evolving from the blending of knowledge and technology. AML-specialist is not enough, you've got to be an AML-technologist."  

Hue: "Everyone is saying ...data, data, data.... (But) when you're looking at a holistic effectiveness question about your compliance programme, it's all about governance, it's all about controls." 

(27:22) ACAMS Training Ecosystem 

Slide is accessible through www.hkufintech.com/slides  

(29:10) About Hue Dang’s career 

Hue: "I was basically on a mission to try to change the way the world thinks about money. Money is not just money. How you earned it does make a difference." 

(32:57) Top issues and challenges on AML/financial crime in the region 

(35:28) Customer Due Diligence vs Know-Your-Customer (CDD vs KYC) 

Hue: "Which comes first? Actually CDD  is what you do in the beginning. It's not KYC (because) you actually don't know your customer." 

(41:34) Fundamental changes in AML themes 

(44:05) Sanctions and compliance 

Hue: "I'm not an operator in the sanctions space but I do ask this question - What is the driver behind a sanctions policy? In the particular case with Russia has to do with the Ukrainian war, the human element is what we need to think about when we think about sanctions compliance.... This isn't just an economic policy and there are people behind the reasons why they would be asked to look at sanctions." 

(49:03) Crypto and Risks 

Hue: "The question of a Cryptocurrency is - where is the value coming from and what does it tie to?  

(55:12) Women in the industry 

Hue: "Senior leadership in the AFC (Anti-Financial Crime) community is somewhat imbalance, but certainly in the compliance world, I've seen more women than men actually... and similar case I saw in China... but that's my anecdotal observation." 

(58:08) Path towards AML/compliance profession 

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ajay Shamdasani speaks to Bruno Larvol, co-founder of RXXO.io, a new Web3 startup that operates exclusively in the Metaverse with the aim of bringing the next generation of virtual assets to a wider audience.
 
RXXO diamonds are a digital clone of actual diamonds in the physical world – in essence, the first 'cryptangible' asset tailored to an increasingly digital life.
 
Bruno is a serial entrepreneur who is also the CEO and founder of San Francisco-based LARVOL – a technology firm specializing in providing Software as a Service (SaaS) solutions to major US pharmaceutical, and Fortune 500 healthcare and biotechnology companies.
 
Originally from France and a naturalized US citizen, he is a living embodiment of the truly international nature of Silicon Valley and the American Dream writ large.
 
Bruno and Ajay talked about the commercial opportunities and legal challenges of operating an enterprise purely in the Metaverse; how 'cryptangible' assets can mimic, in some ways, the attributes of underlying physical assets; and the ever pervasive nature of NFTs, crypto and how they regulated.

Discussion guide (check the chapters):

Ajay and Bruno's conversation started with an extensive discussion about the Metaverse - why Bruno remains bullish about it and the potential implications to the way people live in real life. (03:02)

Their discussion also focused on the concept of diamonds in the metaverse space, in the context of digital assets, pricing, and crypto-diamond market dynamics. (33:50)

They also discussed career paths students should take and how people should not be intimidated by technology, while also looking for avenues - including social media - to learn new things. (1:01:49)

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Regulatory Ramblings podcast host Ajay Shamdasani continues the conversation with Dorothy Siron (Partner, Zhong Lun Law Firm) on crypto-related compliance and legislation needed after the FTX fallout, public's standard of information to make the right investments, Dubai's success story and more!

Dorothy Siron, is the Co-Managing partner of Zhong Lun Law Firm’s Hong Kong office. She heads the Litigation and Dispute Resolution practice. Being born and raised in the territory, where she trained as a solicitor, before recertifying in Canada. Dorothy is also a veteran litigator.

Her expertise encompasses white collar and financial crime in HK and overseas, crime, cyber fraud, enforcement of foreign judgments as well as trust and probate disputes, and family law matters. In her worldwide pursuit of wrongfully obtained assets 

As crypto-related frauds, such as those involving cryptocurrency theft, initial coin offerings (ICOs) and ransomware attacks, become more pervasive and sophisticated, lawyers, Internet security experts, regulators and law enforcement are under greater pressure to respond swiftly and effectively to a relatively new field they are still struggling to understand. Ultimately, it will require a multidisciplinary and multi-party approach to provide the victims of fraud with appropriate redress and make them whole.

(Episode 11 - Part 2 of 2)

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Dorothy Siron, is the Co-Managing partner of Zhong Lun Law Firm’s Hong Kong office. She heads the Litigation and Dispute Resolution practice. Being born and raised in the territory, where she trained as a solicitor, before recertifying in Canada. Dorothy is also a veteran litigator.

Her expertise encompasses white collar and financial crime in HK and overseas, crime, cyber fraud, enforcement of foreign judgments as well as trust and probate disputes, and family law matters. In her worldwide pursuit of wrongfully obtained assets 

As crypto-related frauds, such as those involving cryptocurrency theft, initial coin offerings (ICOs) and ransomware attacks, become more pervasive and sophisticated, lawyers, Internet security experts, regulators and law enforcement are under greater pressure to respond swiftly and effectively to a relatively new field they are still struggling to understand. Ultimately, it will require a multidisciplinary and multi-party approach to provide the victims of fraud with appropriate redress and make them whole.

Topics discussed include:

•          Crypto Fraud and Asset Recovery
•          Types of crypto fraud and victims
•          Growing prevalence of hacks
•          The roles of lawyers and law enforcement officers in crypto fraud, and how to improve collaboration and results
•          Development of the legal framework in connection with digital assets – court cases, asset classification, etc - in different jurisdictions in Asia and globally
•          Observations on the latest issues with FTX - from a legal perspective only 
•          Advice to law students about how to specialise in crypto as a lawyer, and how to acquire the right technical skills and knowledge

(Episode 11 - Part 1 of 2)

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Join us for a discussion on the prospects for central bank digital currencies (CBDCs) and decentralised finance (DeFi) on the latest episode of Regulatory Ramblings with Dr. Oriol Caudevilla.

A highly regarded voice on all things crypto and fintech, Oriol is a Fellow at the Singapore University of Social Sciences (SUSS), as well as an  Honorary Fellow at the University of Hong Kong’s Asian Institute of International Financial Law (AIIFL). He also works as a board director, Secretary General and co-leader of the Financial Inclusion and CBDCs Working Groups at the Global Impact FinTech (GIFT) Forum, and as chairman of the Private Digital Euro Working Group at the Digital Euro Association (D€A).

Furthermore, he has published articles and been cited by international media outlets such as Reuters, Forbes Middle East, the South China Morning Post (SCMP), Outlook India, China Daily, Asian Investor, Forkast News, and Cointelegraph. In addition, for the past year, he has hosted “The Digital Tomorrow” podcast.

Oriol is also a well-known international speaker: he was named Asian FinTech Speaker of the Year (2021) by FASTER Community and has participated in over 150 international conferences since 2020, talking about CBDCs, DeFi, the Metaverse, AI and the use of Blockchain in several industries, such as banking in general and also Islamic banking and finance.

More information about Oriol and his works are available at his website: www.oriolcaudevilla.com.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Around the world, few professions outside of banking and financial services offer those of average intelligence and ability the opportunity to enjoy, at the very least, a middle-class existence.
 
And that’s certainly the case here in Hong Kong and the Asia-Pacific more generally, not just in New York City or London.
 
Yet, it’s also a field where people often go along to get along.
 
Sadly, that also extends to those in compliance – not just to bankers and traders – who don’t want to rock the boat as they too receive bonuses when their institutions do well.
 
An exception to that is Everett Stern. In 2010, as an AML compliance officer at HSBC in the U.S. state of Delaware, he displayed the kind of moral resolve and backbone which is rarely evident in financial and corporate circles these days.
 
Specifically, he exposed illegal money laundering transactions at the Bank involving Hamas and Hezbollah.
 
Despite numerous alerts to his supervisor, Everett's warnings went unheeded, at which point he contacted the FBI which began its investigation of HSBC.
 
He then reached a resignation agreement with HSBC in October 2011, at which point he was blacklisted by the financial community.
 
Everett later founded the private intelligence firm, Tactical Rabbit, and was most recently an Independent conservative candidate for the United States Senate.

His new book "Dark Money and Private Spies: The Everett Stern Story" is available on Amazon.  Find out more at  www.hkufintech.com/regulatoryramblings.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Authors Channing Mavrellis and John Cassara recently authored the report "China's Role in Transnational Crime and Illicit Financial Flows", delving into mainland China’s role in four different transnational crimes—drug trafficking, counterfeiting and IP theft, human trafficking and wildlife trafficking—as well as the illicit financial flows (IFFs) associated with such crimes, as well as what the international community can do to better understand, and combat, these activities – including policy prescriptions.

It was published by Global Financial Integrity (GFI), a Washington, DC-based think tank focused on corruption, illicit trade and money laundering and abuses of the world’s banking and financial system.  

Mavrellis is GFI’s Illicit Trade Director, and Cassara is a GFI board member and was previously a special agent with the US Treasury Department.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

We are joined by Bénédicte Nolens, head of the Bank for International Settlements’ (BIS) Innovation Hub (Hong Kong Centre), in a full-length conversation on central bank digital currencies (CBDCs) and the concerns around their legal and compliance issues. 

In its published report on the mBridge pilot scheme – a multi-CBDC initiative for cross border payments involving the central banks of China, Hong Kong, Thailand and United Arab Emirates – Bénédicte explains Project mBridge’s potential for using a common platform based on distributed ledger technology (DLT), and whereby multiple central banks can issue and exchange their respective CBDCs. As cloud computing raises concerns about governing data and privacy, Bénédicte also emphasized the need for legal talent to pursue computer science qualifications in order to take on the evolving language of coding within new technologies.

Topics discussed also included women-led management in the finance and legal sectors, work-life balance during the COVID-19 pandemic and more.

 Prior to becoming head of the BIS Innovation Hub, Hong Kong Centre. Prior to this appointment, Bénédicte was a managing director at SC Ventures – the innovation arm of Standard Chartered Bank, which leads new ventures across digital banking, banking as a service, SME finance and blockchain. From 2018-2019, she was the vice president of international governmental relations at Circle, involved in the evolution of blockchain and digital assets. From 2012-2018, she was the head of risk & strategy of the Hong Kong Securities and Futures Commission (SFC) and in that capacity, also acted as vice chair of the Committee on Emerging Risks and the Fintech research lead for the International Organization of Securities Commissions (IOSCO). From 2007-2012, she was a managing director at Credit Suisse and before that, from 1997-2007, she was an associate and executive director at Goldman Sachs. Originally from Belgium, she holds LL.M. and M.B.A. degrees from the University of Leuven and University of Chicago, respectively. Since 1999, she has been a member of the New York Bar. In 2016, she was a recipient of the China Daily Asian Women Leadership Awards for her efforts related to entrepreneurship, innovation and charity. She remains closely engaged in these topics, most recently through her involvement in the Fintech Association of Hong Kong (FTAHK) and Women in Finance Asia (WiFA.)

This episode is part of HKU FinTech Day 2022 special.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

As Hong Kong officials prepare to unveil new policies aiming to make the city a virtual asset hub, what steps should prospective investors take?
   
Regulatory veteran Angelina A. Kwan (CPA, CA [Aus/NZ]), Chief Executive Officer of Stratford Finance, joins Regulatory Ramblings host Ajay Shamdasani in discussions on the opportunities, procedures and risks involved as Hong Kong seeks to become Asia’s preeminent city for virtual and digital assets, Web3.0 and Fintech.

Angelina also shares her thoughts on why Hong Kong citizens, especially the younger generation, must invest in learning technologies which will be vital to future finance and business operability.

www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Ajay Shamdasani continues the conversation with Nigel Morris-Cotterill, Financial Crime Risk and Compliance Strategist, on topics including #data replacing #money, #FinTech as a bank, #OnlineCourses as a means for qualification, #FinancialCrimes history and more!

www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Why are money laundering criminals constantly ahead of authorities? 

In this episode of Regulatory Ramblings, Ajay Shamdasani is joined by Nigel Morris-Cotterill, counter-money laundering strategist and financial crime author, in a discussion on the underlying causes of money laundering offences happening around the globe.

As criminals aim to conceal data and information behind unlawful activities, how can authorities and governing bodies get to the root of the problem? Could journalists play a stronger role in chasing the right leads to cases?

Nigel Morris-Cotterill has been a counter-money laundering strategist since 1994, working in a wide range of financial crime risk management. Previously, Nigel was a solicitor for companies in the financial and technology sector.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Part 2 of "Hong Kong's Digital Asset Compliance Challenges" continues with Urszula McCormack in a range of topics, from CBDCs to the degree of privacy of digital asset functions, cross border payments to Southeast Asian and Middle Eastern countries adopting more robust systems, RegTech and more!

Questions addressed in this interview include:

What are thoughts on cryptocurrencies and digital assets, and what should legal and compliance professionals understand about them?
 
Older compliance and legal people talk about how compliance, governance, and risk management, while related, are not the same thing. 

Specifically, they claim that compliance is all too often used to do risk management because compliance investigations are an after-the-fact, backward-looking proposition in that malfeasance has taken place and legal and/or compliance teams are trying to figure out what went wrong and who’s to blame. 

Risk management on the other hand is very much a forward-looking proposition. 

Is it fair to view the compliance profession through such a paradigm or are such views too antiquated? 

What would a more holistic approach to compliance look like?

Visit www.hkufintech.com for the latest news, research and developments on digital finance's transformation in the financial industry!

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

The advent of digital assets has taken an interesting path. These days, DeFi (decentralized finance), NFTs (non-fungible tokens) and CBDCs (central bank digital currencies) are the concepts and acronyms that are en vogue. Indeed, it now seems passe to speak of the genesis of it all in 2009, when someone named "Satoshi Nakamoto" released a paper entitled "Bitcoin: A Peer-to-Peer Electronic Cash System".

The release of the paper and the so-called innovations it has spawned are now being touted - even beyond the financial sector - to solve everything from environmental degradation, to the crisis of unaffordable housing in developed societies and even as a means to reduce hospital errors and fatalities.

Yet, to the average person on the street, past all the jargon, acronyms, and seemingly inaccessible, high-falutin discourse, what does all this techno-babble mean?

Ultimately, it's a means to get rich or more precisely, others are getting wealthy using this new technology and therefore, people feel compelled to jump on the bandwagon so as to not be left behind economically.

It begs the question: can the implicit promise and deepest aspirational goal of Satoshi's paper of fairer terms of transactional exchange - and consequently, a more just world through the use of Blockchain technology - ever truly be reached? Will the impact of such technology ever go beyond just creating e-currencies and payment systems whereby their effects will mainly be felt in financial and economic realms, or will they impact other aspects of the human condition?

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

While crypto makes headway in places like Dubai, decisions on regulating digital assets in the APAC region seem stagnant. 

Hong Kong was the birthplace of many of the world's leading crypto companies. Many of them have now expanded to other jurisdictions. 

As an external member of the SAR's Securities and Futures Commission’s FinTech Advisory Group, Henri Arslanian continues the conversation on how regulators in Asia have done in their oversight of cryptocurrencies.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Cryptocurrencies and FinTech are the dish du jour these days, but what does the future hold for such financial innovations? The global market for FinTech is expected to reach US$332.5 by 2028 billion from US$112.5 billion today. As for virtual currencies, the global crypto market size was valued at US$1.49 billion in 2020, with expectations of hitting US$4.94 billion by 2030. 

Such figures suggest the story is still evolving. Henri Arslanian, the host of "The Future of Money" podcast, is just the man to help us make sense of the matter. With his latest work, “The Book of Crypto: The Complete Guide to Understanding Bitcoin, Cryptocurrencies and Digital Assets,” published by Palgrave Macmillan and having reached Amazon’s global top 10 list for financial services best-sellers, he’s worth listening to.

Henri is an adjunct professor at the University of Hong Kong, where he’s an instructor for the first global university FinTech course. He also advises many of the world’s leading virtual currency exchanges, investors, financial institutions and tech firms on their FinTech and cryptocurrency initiatives as well as numerous governments, regulators and central banks on Fintech and crypto regulatory and policy matters.

He talks to us about FinTech, virtual currencies, and the looming phenomenon of the Metaverse. He also shares his views on whether Hong Kong, Singapore, or Dubai will prevail as the world’s FinTech hub, as well as whether Asia-Pacific jurisdictions have the necessary regulatory apparatus and expertise to oversee such developments. 

Henri was previously PwC’s Crypto Leader and Partner based in Hong Kong, and the former chairman of the FinTech Association of Hong Kong. He’s currently situated in Dubai.

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.