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Regulatory Ramblings

Regulatory Ramblings: Episode 42 – The Intersection of Digital Assets and Data Protection with Jonathan Crompton

Jonathan Crompton is a partner at the law firm Reynolds, Porter & Chamberlain (RPC), based in Hong Kong. There, he helps companies and individuals navigate complex cross-border disputes and investigations involving their Asian operations. He specializes in commercial matters (particularly for the retail industry), financial services, technology-related disputes, and cyber incidents.

As the lead for RPC’s ‘ReSecure’ cyber incident response service in Asia, he advises local and multinational clients on cyber-attacks, data privacy, and law enforcement investigations. He also helps clients worldwide recover money transferred to Hong Kong bank accounts as a result of cyber and other frauds.

Jonathan advises on all forms of disputes, including litigation before national courts and arbitral tribunals operating under various rules (in particular, the HKIAC, ICC, and UNCITRAL) and on investigations by regulators (notably financial services regulators such as the Securities and Futures Commission). His clients include senior individuals, asset managers, and leading multinational corporations and brands. As a result of RPC’s predominantly ‘conflict-free’ model for financial services disputes, Jonathan represents senior individuals and companies in claims brought by or against leading banks where other firms are often unable to act.

He is also a founding member of the Hong Kong chapter of the Crypto Fraud and Asset Recovery (CFAAR) network, the first global association for such professionals. The London chapter was launched in London in 2021, and the Hong Kong chapter was formed in August 2022.

In this episode of Regulatory Ramblings, Jonathan chats with host Ajay Shamdasani about his background, upbringing, and how he ended up in the legal profession. The bulk of the conversation, however, is devoted to data protection and digital assets, specifically the February raid of the offices of WorldCoin by the Hong Kong Office of the Privacy Commissioner (PCPD). They discuss the PCPD’s expression of concern about WorldCoin’s collection and storage of iris scans in exchange for its WorldCoin token (WLD).

As Jonathan points out, the case was a clear example of the increasing intersection of personal data protection principles and digital assets. The conversation also covers his recent LinkedIn post in which he stated that Privacy Commissioner Ada Chung’s action was further proof that she was flexing her existing powers—even before the amendments to the territory’s Personal Data (Privacy) Ordinance are expected to be enacted within the next year.

They also discuss the shape Jonathan envisages those amendments taking, the recent cases he has seen in his practice involving virtual assets, digital contracts, and cybersecurity, and related emerging methodologies, trends, and themes.

Podcast Discussion:

  • 3:01  Journey from Military Roots to Legal Frontiers
  • 11:00  Perspectives on Legal Specialization in the Virtual Asset Sphere
  • 20:52  Understanding Cryptocurrency Fraud and Legal Challenges in Recovery
  • 29:16  Assessing the Efficacy of Asset Tracing Rules in Cryptocurrency Fraud Cases
  • 38:12  Money Mules, Cybercrime, and the Evolution of Financial Fraud
  • 42:48  Complexities of Cybercrime and Deepfake Deception in Financial Fraud
  • 45:29  Insights into Crypto Regulation and Risk Management from CFAAR
  • 59:34  Intersection of Personal Data and Digital Assets: Insights from WorldCoin and NFTs
  • 1:05:52  Personal Data Privacy: Insights into Legislative Amendments and Regulatory Enforcement in Hong Kong
  • 1:17:01  Adapting Legal Careers to Emerging Technologies, Change and Uncertainty

Connect with RR Podcast at:

LinkedIn: https://hk.linkedin.com/company/hkufintech 
Facebook: https://www.facebook.com/hkufintech.fb/
Instagram: https://www.instagram.com/hkufintech/ 
Twitter: https://twitter.com/HKUFinTech 
Threads: https://www.threads.net/@hkufintech
Website: https://www.hkufintech.com/regulatoryramblings 

Connect with the Compliance Podcast Network at:

LinkedIn: https://www.linkedin.com/company/compliance-podcast-network/
Facebook: https://www.facebook.com/compliancepodcastnetwork/
YouTube: https://www.youtube.com/@CompliancePodcastNetwork
Twitter: https://twitter.com/tfoxlaw
Instagram: https://www.instagram.com/voiceofcompliance/
Website: https://compliancepodcastnetwork.net/

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TechLaw10

TechLaw10: Eric Sinrod & Jonathan Armstrong on AI, ChatGPT & Legal Liability

In this edition of TechLaw10, Jonathan Armstrong talks to Attorney and Professor Eric Sinrod from his home in California. They look again at the legal issues surrounding AI, the rise of chatbot ChatGPT, and the legal and ethical issues it brings.

This film follows an earlier one that examined these issues: https://bit.ly/chatgptfilm. This time, Eric and Jonathan focus on liability for chatbot operators.

The topics include:

  • Can chatbots be liable for the things they do?
  • Should Section 230 of the US Communications Decency Act protect chatbots?
  • Can chatbots be liable for IP issues?
  • How is the UK Shetland Times case from 1996 relevant to today’s AI offerings?
  • Is ChatGPT right in its legal assessment of its liabilities?
  • What are the issues involved in scraping data to train AI?
  • What will the proposed new EU AI law do?
  • How will regulators handle AI complaints?

You can listen to earlier TechLaw10 audio podcasts with Eric and Jonathan at https://www.duanemorris.com/site/techlaw10.html

Connect with the Compliance Podcast Network at:

LinkedIn: https://www.linkedin.com/company/compliance-podcast-network/
Facebook: https://www.facebook.com/compliancepodcastnetwork/
YouTube: https://www.youtube.com/@CompliancePodcastNetwork
Twitter: https://twitter.com/tfoxlaw
Instagram: https://www.instagram.com/voiceofcompliance/
Website: https://compliancepodcastnetwork.net/

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Compliance Tip of the Day

Compliance Tip of the Day: Factors in Board Investigation

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

In this episode, we consider some of the factors which could lead to a successful Board of Director-led investigation.

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

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Everything Compliance

Everything Compliance: Episode 132, The Tribute to Gene Marks Edition

Welcome to the only roundtable podcast in compliance as we celebrate our second century of shows.

In this episode, we have a quintet of commentators: Jonathan Marks, Matt Kelly, Jay Rosen, and Special Guest Karen Moore, all hosted and joined by Tom Fox.

1. Matt Kelly takes a deep dive into the recent speech by Michael Hsu on how fairness helps compliance. (Check out his blog on the topic here.) He shouts out to World Central Kitchen and their continued efforts to feed those in need.

2. Special guest Karen Moore takes a deep dive into the EU Corporate Sustainability Due Diligence Directive.  She shouts out to the Austrian government for providing citizenship to descendants of Nazi persecution by means of a declaration without having to give up their current citizenship or nationality in return.

3. Jonathan Marks talks about his father’s influence on him, which helped Jonathan form his views on ethics and the Kobayashi Maru. He shouts out to his father, Gene Marks for a full life well lived.

4. Jay Rosen looks at the enforcement action involving Trafigura. He shouts out to Lou Gossett, Jr. for his Oscar-winning role in An Officer and a Gentleman.

5. Host Tom Fox takes a deep dive into the Trafigura FCPA enforcement action to try and determine how (and why) the company was not required to have a monitor. He shouts out to Houston Astros pitcher Ronel Blanco, who threw a no-hitter in his 8th professional appearance at the age of 30.

The members of the Everything Compliance are:

• Jay Rosen – Jay can be reached at Jay.r.rosen@gmail.com

• Karen Woody – Is one of the top academic experts on the SEC. Woody can be reached at kwoody@wlu.edu

• Matt Kelly – Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com

• Jonathan Armstrong – is our UK colleague and an experienced data privacy/data protection lawyer in London. He can be reached at windyridgehouse@gmail.com

• Jonathan Marks can be reached at jtmarks@gmail.com

• Guest Karen Moore can be reached at Kmoore51@fordham.edu

The host, producer, ranter (and sometime panelist) of Everything Compliance is Tom Fox the Voice of Compliance. He can be reached at tfox@tfoxlaw.com. Everything Compliance is a part of the Compliance Podcast Network.

Categories
Daily Compliance News

Daily Compliance News: April 11, 2024 – The Panama Papers Goes to Trial Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • The Panama Papers trial begins. (BBC)
  • Crypto says it has turned the compliance corner.  (WSJ)
  • KPMG pays $25MM for cheating. (FT)
  • A former PdVSA minister was arrested for corruption. (Reuters)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

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Compliance Tip of the Day

Compliance Tip of the Day: Board Selection of Investigative Counsel

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law.

Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

In this episode, we consider some of the factors a Board of Directors should consider when selecting outside counsel to investigate claims or potential compliance violations.

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Categories
Compliance Into the Weeds

Compliance into The Weeds: The Complexity of Risk Assessments

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject.

Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds!

In this episode, Tom and Matt take a deep dive into the variables a compliance professional should consider when performing a risk assessment. We also say a few words about our experiences in the total solar eclipse of April 8.

Risk assessments in compliance encompass the careful evaluation of both external and internal risks, necessitating a carefully planned process for overseeing various risk assessments within a company. This task, while intricate and often challenging, is a crucial aspect of compliance.

Fox emphasizes the necessity of precisely defining the scope of risk assessments, which could involve assessing external threats, internal controls, or both. He proposes that companies could benefit from the guidance of internal audits, external consultants, or professional service firms.

Similarly, Matt acknowledges its complex and challenging nature. Kelly underscores the importance of a disciplined, coherent approach to managing risk assessments across different parts of an organization, suggesting the possibility of involving assistance from third-party firms or internal audit teams.

Both Fox and Kelly’s perspectives underscore the importance of strategic planning, effective management, and possible external input in conducting risk assessments in compliance programs.

Key Highlights:

  • Comprehensive Approach to Conducting Risk Assessments
  • Collaborative Risk Assessment for Compliance Optimization
  • Enhancing Compliance through Internal Control Testing
  • Strategic Integration of Compliance in Enterprise Risk
  • Celestial Event Viewing: The Influence of Clouds

Resources:

Matt on Radical Compliance

 Tom 

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Categories
Daily Compliance News

Daily Compliance News: April 10, 2024 – The Not Ubiquitous Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • AI is not yet ubiquitous.  (WSJ)
  • Of corruption and Russian meddling. (FT)
  • The imprisoned Binance Director denies the AML charge. (BBC)
  • Yet another Boeing whistleblower allegation. (NYT)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

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Great Women in Compliance

Great Women in Compliance: Compliance Week 2024 Wrap-Up

Welcome to the Great Women in Compliance Podcast. We are back and excited for the next set of podcasts.  We kick off with a discussion between #teamgwic: Hemma Lomax, Ellen Hunt, Sarah Hadden and Lisa Fine to talk about the recent Compliance Week 2024 conference and the upcoming podcast episodes.

Compliance Week started with the Women in Compliance brunch, where Ellen spoke and Lisa moderated. The focus of the brunch was on Board Service, which started a week of knowledge sharing, best practices, lessons learned, and building community in our profession

It was a great week in Washington, D.C. with phenomenal speakers and information sharing. Most of all, there was a positive energy from being surrounded by so many smart, dedicated, and hard-working compliance professionals who are creating ethical cultures where people can speak up and be heard.

Key Highlights:

It was a great week in Washington, D.C. with phenomenal speakers and information sharing. Most of all, there was a positive energy from being surrounded by so many smart, dedicated, and hard-working compliance professionals who are creating ethical cultures where people can speak up and be heard. Other key highlights included:

  • Empowering Women and Compliance Professionals for Board Positions
  • Ethical Empowerment for Compliance Culture Transformation
  • Empowering Ethical Decision-Making in Compliance Programs
  • Collaborative Experience: Compliance Professionals Uniting to Support Each Other

The #GWIC podcasts thanks #ComplianceWeek, all of the speakers, attendees, and the #Ethics and #Compliance Community for making this profession such a fulfilling career.

Resources:

Join the Great Women in Compliance community on LinkedIn here.

Categories
Principled Podcast

Principled Podcast: S11E6 | Ethics & Compliance Evolution in Singapore: Adapting to Global Risks

More than ever, the intensifying severity and frequency of new risks worldwide have heightened the focus of Ethics and Compliance (E&C) programs on risk mitigation efforts. LRN’s 2024 Ethics & Compliance Program Effectiveness Report presents comprehensive global data and insights from over 1,400 E&C professionals to underscore this trend. Our research emphasizes the effectiveness of values-based programs, which correlate strongly with reduced risk and improved business outcomes. Given this increasingly complex risk landscape, how are E&C programs in the Asia Pacific region, particularly in Singapore, adapting? Furthermore, what do these global best practices entail for programs in this region in their day-to-day operations?

In this episode of the Principled Podcast, Eric Morehead, LRN’s Director of Advisory Services Solutions, discusses the key insights from the Singapore edition of the 2024 Ethics & Compliance Program Effectiveness Report with Jarrod Baker, Partner at Deloitte Southeast Asia, exploring their implications for regional programs.

Guest: Jarrod Baker

Principled Podcasst - Season 11 Episode 6 featuring Jarrod Baker Deloitte - Episode Cover

Jarrod Baker is the Southeast Asia Leader for Forensic Investigations. Working across the globe, he has been instrumental in helping financial institutions and corporations with investigations into complex fraud, serious misconduct, and financial crime. Jarrod is experienced in working on high-profile matters involving regulators such as the United States Department of Justice, the Securities and Exchange Commission, the UK Financial Conduct Authority, and the Australian Securities and Investments Commission. This includes investigating breaches of anti-corruption legislation such as the FCPA, violations of trade sanctions, market misconduct, and financial misstatement. He is well-versed in helping corporations develop, implement, and monitor the effectiveness of their anti-corruption compliance frameworks.

Host: Eric Morehead

Headshot_Principled Podcast_Eric Morehead

Eric Morehead is a member of LRN’s Advisory Services team and has over 20 years of experience working with organizations seeking to address compliance issues and build effective compliance and ethics programs. He conducts program assessments and examines specific compliance risks, drafts compliance policies and codes of conduct, works with organizations to build and improve their compliance processes and tools, and provides live training for Boards of Directors, executives, managers, and employees.

Eric ran his consultancy for six years, advising clients on compliance program enhancements and assisting in creating effective compliance solutions.

Eric was formerly the Head of Advisory Services for NYSE Governance Services, a leading compliance training organization. In this position, he was responsible for all aspects of NYSE Governance Services’ compliance consulting arm.

Before joining NYSE, Eric was an Assistant General Counsel of the United States Sentencing Commission in Washington, DC. Eric was the policy team chair that amended the Organizational Sentencing Guidelines 2010.

Eric also spent nearly a decade as a litigation attorney in Houston, Texas, where he focused on white-collar and regulatory cases and represented clients at trial and before various agencies, including the SEC, OSHA, and CFTC.

Get a copy of the Singapore edition of LRN’s 2024 Ethics & Compliance Program Effectiveness Report.

Connect with the Compliance Podcast Network at:

LinkedIn: https://www.linkedin.com/company/compliance-podcast-network/
Facebook: https://www.facebook.com/compliancepodcastnetwork/
YouTube: https://www.youtube.com/@CompliancePodcastNetwork
Twitter: https://twitter.com/tfoxlaw
Instagram: https://www.instagram.com/voiceofcompliance/
Website: https://compliancepodcastnetwork.net/