Episode #69 with Nigel Morris-Cotterrill and Patrick Dransfield 🎧

In this two-part episode of Regulatory Ramblings, host Ajay Shamdasani is joined by two seasoned professionals who examine artificial intelligence from very different, yet deeply complementary angles: cultural, philosophical, and ethical on one hand; legal, compliance, and technical on the other. The result is a wide-ranging, thought-provoking conversation about the role of human intelligence in an increasingly automated world—and the dangers of outsourcing critical decisions to machines.

In the first segment, Patrick Dransfield—a legal marketing expert, author, and co-founder of the Managing Partners Club—discusses his essay Watched Over by Machines of Loving Grace, a title borrowed from a Richard Brautigan poem. Patrick, who holds a master’s degree in Chinese history, politics, and anthropology from SOAS (University of London) and a joint honours degree in English and History of Art from the University of Leeds, invites listeners to consider not only what AI is, but what it means to be human in a time of rapid technological change. Drawing on cultural history, classical Chinese philosophy, and his own professional observations, he contrasts Eastern and Western perspectives on the self, society, and intelligence. He explores the fundamental importance of human skills—such as relationship-building and generosity—in legal practice and business development, and how AI cannot replicate or replace these core human capacities.

Patrick argues that while the West often approaches AI with a moral and even quasi-religious fear of transgression—concerned with issues like sentience and ethical boundaries—China’s philosophical traditions tend to frame AI as a pragmatic tool, leading to more open development approaches such as open-source platforms like DeepSeek. He also critiques the prevailing “billable hour” model in law, suggesting that younger professionals will struggle most as automation reshapes entry-level tasks. Ultimately, Patrick makes a strong case for reviving and redefining human intelligence as the foundation upon which any meaningful use of AI must be built.

In the second segment, Nigel Morris-Cotterrill—a veteran solicitor turned financial crime and compliance expert—discusses his provocative article, Computers Are Mechanized Psychopaths. He explains why this title is not just attention-grabbing, but literally accurate: computers, by their very architecture, lack empathy, nuance, and the capacity for moral reasoning. Yet society is increasingly empowering them to make life-altering decisions—about financial transactions, legal violations, online speech, and more.

Nigel warns against the blind trust placed in algorithms, which are often built by developers with limited contextual awareness or cultural sensitivity. He critiques the myth of “machine learning,” arguing that what’s being sold as intelligence is often just a large-scale execution of yes/no decision trees. He shares examples of how poorly applied compliance systems can lead to innocent people being debanked or flagged as suspicious based on flawed logic—without human intervention to correct these mistakes. His call to action is clear: AI should never be allowed to make unreviewed, consequential decisions about people’s lives.

Together, these two interviews offer a sobering but insightful view into the current state of AI and its intersection with law, culture, and ethics. While Dransfield emphasizes the need to understand ourselves before we build better machines, Morris-Cotterrill reminds us that those machines—no matter how sophisticated—must always remain subordinate to human judgment.

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

Episode #68 with Chad Olsen and Mark Nuttal 🎧

In a world where politics and regulation intersect, compliance and legal professionals can no longer afford to ignore geopolitical risk. From the fallout of the U.S. withdrawal from Afghanistan to Russia’s war in Ukraine, the global regulatory landscape has been reshaped by conflict, sanctions, inflation, and cross-border disruption.

In this episode, host Ajay Shamdasani speaks with two experts who explain why understanding geostrategy is now a core part of legal and compliance work—not a nice-to-have, but a must-have.

Chad Olsen (Head of Forensic Services, KPMG China) discusses how regulatory expectations are shaped by political agendas, especially in the areas of sanctions, AML, and financial crime. Drawing on his dual background in finance and political science, Chad explains:

- Why legal and compliance teams need geopolitical awareness
- How FATF, U.S. DPAs, and other instruments are inherently political
- Why understanding “why” a regulation exists is as important as “what” it requires
- Whether firms should hire IR or political risk specialists—or build internal capability
- How professionals can upskill themselves by staying informed and asking deeper questions

Mark Nuttall (Executive Advisor, Dubai) builds on this by offering a strategic risk perspective shaped by 25+ years in law enforcement, global advisory, and geopolitical intelligence. Mark shares:

- How global events impact compliance obligations and institutional risk
- Why FATF grey listing has real consequences for regulatory pressure and market perception
- The compliance officer’s role in navigating shifting norms, sanctions, and cross-border uncertainty
- The importance of total situational awareness for anyone responsible for governance or risk
- Why proactive scenario planning is more effective than reactive policy-following

The central question: In an era of rapid change, what must compliance and legal professionals do to stay relevant—and keep their organizations resilient?

Whether you’re in a law firm, bank, fintech, or multinational, this episode shows how geopolitics has become embedded in compliance. Understanding international developments isn’t a soft skill; it’s a core strategic competency.

Topics covered:
– Geostrategy and regulatory design
– Sanctions, FATF, and political enforcement
– Interdisciplinary compliance: law meets global affairs
– Upskilling for geopolitical fluency
– Strategic foresight in legal and compliance functions

Disclaimer: The views expressed in this podcast are solely those of Ajay Shamdasani, Chad Olsen, and Mark Nuttal.

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/regulatoryramblings

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

Episode #67 with Nigel Morris-Cotterill, Oonagh van den Berg and Malcolm Nance

In 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.