Corylated

Regulation is often criticised but rarely understood. In this episode, Lindsey Rogerson and Rachel Wolcott sit down with former UK regulators Lyndon Nelson and Gavin Stewart to discuss their new book, Building Better Regulators: The Art of the Impossible.Drawing on decades of experience at the Bank of England, Financial Services Authority (FSA), Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), Lyndon and Gavin explain why regulation is ultimately a series of trade-offs, why regulators struggle to learn from past mistakes, and why promises of "cutting red tape" often oversimplify a far more complicated reality. They also explore whether data and AI can transform supervision, and why for some banks enforcement can be little more than a cost of doing business. Gavin and Lyndon share what keeps them awake at night when they think about risks facing regulators today.The conversation covers everything from payment protection insurance (PPI) and motor finance to crypto, AI-driven finance, risk appetite and the growing tension between political demands for growth and the realities of protecting consumers and markets.Lyndon Nelson is a former deputy chief executive of the PRA and now teaches at London Business School and advises the International Monetary Fund.Gavin Stewart has held senior roles at the Bank of England, the FSA and the FCA, including serving as chief risk officer at the FCA.Chapters00:00 Introduction01:21 Discussion on Trade-offs and Positive Messaging01:27 Book Promotion and Final Thoughts03:07 The Importance of Understanding Regulation06:11 Learning from Past Mistakes in Regulation09:12 The Challenges of Principles vs. Rules-Based Regulation12:13 The Political Landscape of Regulation15:04 Risk Appetite and Its Implications18:15 The Role of Enforcement in Regulation21:00 Trade-offs in Regulatory Decisions23:32 The Complexity of Regulatory Prioritization26:46 The Impact of Regulatory Frameworks29:33 Future Directions for Regulators40:23 Frameworks and Accountability in Regulation43:33 The Role of Data and AI in Regulation48:40 Enforcement as a Cost of Business56:03 Challenges in Modern Regulation01:02:17 Future of Regulation and International Collaboration

With the Financial Action Task Force (FATF) preparing toassess the UK again, Lindsey and Rachel examine whether the recent flurry of announcements and reforms amount to meaningful progress or political window-dressing. They explore persistent weaknesses in financial intelligence, beneficial ownership transparency, professional supervision, payment firms, MLRO oversight and whistleblower protection, and taking a look at  whether regulators are doing enough to identify illicit finance and hold its enablers to account.Chapters00:00 Welcome to Compliance Corylated00:50 Why FATF’s forthcoming UK visit matters02:09 New government funding—and reasons for scepticism05:13 The UK’s enduring £100 billion illicit-financeestimate06:41 FATF’s longstanding concerns and offshore transparency09:43 Moving professional-body AML supervision to the FCA11:00 Economic crime reform and Companies House identity checks12:51 Progress on information sharing and scam prevention15:41 What current cases reveal about gaps in UK controls16:27 The Prince Group and the role of professional enablers19:09 A jailed beneficial owner and regulatory blind spots23:19 Why payment firms deserve closer FATF scrutiny25:06 Crypto side hustles, fake firms and weak vetting29:26 MLRO interviews, turnover and regulatory oversight31:36 The risks of part-time and fractional MLROs37:04 Whistleblowing data and the enforcement gap39:22 Why whistleblowers may not feel safe speaking to the FCA44:19 Financial crime enforcement, sanctions and repeatfailures47:00 Invisible supervision and limited feedback49:00 Which rocks should FATF pick up?51:50 What the UK needs to proveLinksSanctions reveal UK role in illicit crypto flows; regulator serves cease-and-desist ordersA wealth of financial crime control failures No restrictions on UK, Cyprus CFD provider whose owner awaits US trial for money launderingPrince Group reporting from Radio Free Asia If you enjoyed this episode of Corylated, please subscribe,leave a review and get in touch with your feedback and ideas for future episodes.Contact: [email protected]: www.compliancecorylated.com

In this episode of Corylated, founding editors Lindsey Rogerson and Rachel Wolcott revisit the theme from the podcast's first episode: the growing push for deregulation across financial services in the drive for growth. Eighteen months on, they assess how policymakers in the UK, EU and US are pursuing growth and competitiveness agendas by revisiting, simplifying and, in some cases, removing regulatory requirements. Topics discussed: The rise of "deregulatory FOMO" and whether jurisdictions are engaged in a race to cut rules. The relationship between compliance, culture, enforcement and long-term growth. Crypto regulation, MiCA, industry lobbying and the future of digital asset supervision. The rollback of sustainability and ESG reporting requirements against the increasing evidence of climate risk. Plans to simplify trade and transaction reporting in the UK and EU. The consequences of scaling back regulatory tools such as Section 166 reviews, SMCR requirements and AML controls. As always, Rachel and Lindsey explore what these changes mean for compliance professionals, regulators and firms navigating an increasingly uncertain regulatory environment. Contact: [email protected] Website: www.compliancecorylated.com

And Corylated is back! (Almost) In this bonus episode founding editors Lindsey Rogerson and Rachel Wolcott revisit some of their favourite moments from the first 30 episodes. They share clips of Professor Guido Palazzo, investigative reporters Adam Cruise and Ilia Shumanov as well as Neil Giles, president of the TraffikAnalysis Hub. They chat about conduct and culture, safe to speak up, wildlife and human trafficking, Russian leaks and climate. And share some of what they'll be covering when the podcast returns September 29. Contact us: [email protected] www.compliancecorylated.com

What’s next for crypto, payments, and fintech in Asia? In this episode, Rachel Wolcott and Niece Prayoonrat unpack the biggest trends and insights from the Singapore FinTech Festival 2025—from stablecoin regulation and TradFi–DeFi partnerships to cutting-edge cross-border payment systems and anti-scam measures. Tune in for the key takeaways shaping the global financial landscape. Niece talks about crypto’s victory lap at SFF and key players in attendance, BIS’s Nexus Project demo, Singapore’s new anti-scam framework and China’s influencer licensing regime.LinksGlobal regulators target ‘cultural’ fragmentation in digital assetsCrypto giants are in love with US GENIUS ActTradFi players seek to become ‘banks for banks’ for crypto firmsCircle: quality of stablecoins drives ‘true’ adoptionContact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com

In this episode, founding editors Rachel Wolcott and Lindsey Rogerson sit down with Adam Cruise, a South African investigative journalist whose work exposes realities of wildlife trade and conservation policy. Adam shares insights from the acclaimed documentary Trade Secret, which uncovers how legal wildlife trade often fuels illegal trafficking, with devastating consequences for species like polar bears, lions, and rhinos.The conversation explores the complex web of international agreements, including CITES (Convention on International Trade in Endangered Species), and the troubling role of euphemistic language such as “sustainable utilization” and “conservation hunting.” Adam reveals how these policies, supported by influential NGOs, blur the lines between protection and exploitation, creating loopholes that organized crime syndicates exploit.Listeners will also learn about the financial crime dimension—how wildlife trafficking intersects with money laundering and poly-criminal networks—and what red flags compliance professionals should watch for. From shocking scenes in Canadian and Norwegian warehouses to the global demand for exotic pets, this episode challenges assumptions about conservation.LinksTrade SecretAdam CruisePolycriminality and pangolins: following wildlife crimes’ tracks in financial servicesGlass eel trafficking connects €3bn money laundering networksContact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com

In this week’s Corylated podcast Lindsey and Rachel discuss carbon markets. They begin with the ongoing UN climate conference (COP30) in Brazil and a recap of the current state of CO2 emissions and rollback on sustainable finance rules underway in the European Union. Next, they discuss the alleged $100 million fraud at Cookstove and how it adds to a chequered history of carbon credits. They then move on to outline the financial crime and fraud vulnerabilities of these instruments, as first set out in a 2013 report by INTERPOL and now being explored by the Royal United Services Institute (RUSI). Lindsey then explains the potential behind carbon market initiatives including Carbon Impact X and Carbonplace before the pair discuss how compliance professionals can help mitigate these financial crime risks. LinksGlobal Carbon Budget | GCB 2025Southern District of New York | U.S. Attorney Announces Criminal Charges In Multi-Year Fraud Scheme In The Market For Carbon Credits | United States Department of JusticeScoping Corruption in Voluntary Carbon MarketsContact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com

The UK still lacks a new fraud strategy, leaving consumers and businesses exposed to escalating threats. In this episode, Lindsey and Rachel unpack why the lack of government action and explore the blame game between tech giants, financial services and policymakers. Meta faces criticism for enabling fraud through its platforms—but Meta points the finger back at payments providers. Meanwhile, identity fraud is becoming a jigsaw puzzle of stolen data, weak controls, and fragmented accountability. Amid the chaos, Starling Bank stands out as a bright spot with its innovative fraud intelligence tool, proving that thoughtful measures may make a real difference.LinksStarling Bank scam detector tool prompts questions for Ofcom, MetaNew rules proposed to combat SMS scams in UKUK fraud and fincrime information sharing deemed ineffective, clubby Serious abuse of the UK corporate register continues despite reforms Tech firms must be held to account for role in proliferating fraud, incidents surge 17%Contact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com

In this episode Lindsey Rogerson, founding editor and Elizabeth Lumley, special correspondent, discuss the newly announced plan for a digital ID – or Britcard -- in the UK. Elizabeth highlights the lack of detail in what the government has announced, and they discuss the politicisation of announcement. The conversation then turns to the digital IDs that already exit in the UK as well as the merits of the numerous examples of introductions of digital IDs by governments in countries including India, Singapore, Brazil, the United Arab Emirates and Estonia. Elizabeth and Lindsey then discuss the bank-led digital IDs initiatives in Norway and Sweden and how a digital ID could help financially excluded individuals to be accepted for banking services.Finally, the pair discuss what the advent of digital IDs has meant for the reduction and prevention of financial crime and fraud. Links Plans around BritCard in the UK are unclear and may be redundant - Compliance CorylatedContact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com 

In this episode, Rachel Wolcott speaks with Patrick Tan, general counsel at ChainArgos about the controversial use of blockchain analytics in criminal investigations, focusing on the case of Roman Sterlingov, convicted of operating Bitcoin Fog. Patrick discusses the limitations and risks of relying on blockchain tracing heuristics as forensic evidence, the amicus brief ChainArgos filed in Sterlingov’s appeal. Rachel and Patrick also discuss the Bybit hack and Iranian crypto flows and nested exchanges. Rights to replyChainalysis declined to comment on the ChainArgos Amicus Brief.TRM Labs said it did not see a difference between its analysis and ChainArgos’.Links Amicus Brief in Roman Sterlingov’s Appeal, also available via PACER (U.S. federal court document access system)Chainalysis Blog Post Response: “Chainalysis Data Stands Alone: Independently Proven, Accurate, and Reliable”North Korean hackers’ crypto expertise allows them to steal and launder in plain sight Undercover North Korean IT workers may be driving crypto theftsTRM Labs report on Iranian crypto activityChainArgos’ report on Iranian crypto activity Contact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com