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.

Links

Global regulators target ‘cultural’ fragmentation in digital assets

Crypto giants are in love with US GENIUS Act

TradFi players seek to become ‘banks for banks’ for crypto firms

Circle: quality of stablecoins drives ‘true’ adoption

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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.

Links

Trade Secret

Adam Cruise

Polycriminality and pangolins: following wildlife crimes’ tracks in financial services

Glass eel trafficking connects €3bn money laundering networks

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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. 

Links

Global Carbon Budget | GCB 2025

Southern 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 Justice

Scoping Corruption in Voluntary Carbon Markets

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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.

Links

Starling Bank scam detector tool prompts questions for Ofcom, Meta

New rules proposed to combat SMS scams in UK

UK 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%

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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 Corylated

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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 reply

Chainalysis 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 thefts

TRM Labs report on Iranian crypto activity

ChainArgos’ report on Iranian crypto activity 

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In this week’s Corylated podcast Rachel and Niece discuss yet another failed UK payment service provider and examine the UK Financial Conduct Authority’s recent track record supervising this market segment. As UK PSPs continue to fail, the FCA would like to speed up authorisations. Niece and Rachel wonder about these plans, as well as the lighter touch crypto regimes developing in the US and UK. Also, Niece tells Rachel about “strong views” aired at the recent US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) crypto roundtable! 

Links 

Complaints Commissioner’s report on Firm X

FCA statement on Premier FX

FCA payments improvement plan not fully implemented, failed firms’ customers £22.5mn out of pocket

Ziglu’s filings show early regulatory intervention

Fifth payments firm enters special administration under FCA’s watch

US TradFi criticises ‘innovation exemption’ policies

Contact us

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In this week’s Corylated podcast Rachel speaks to Neil Giles, president of the TraffikAnalysis Hub at UK charity Stop the Traffik. Neil shares his deep expertise in identifying human trafficking through financial transaction data and using persona-based typologies and survivor-informed intelligence.The conversation explores how financial institutions can detect trafficking patterns, the role of typologies, and why getting curious about this crime can help set someone free. 

The episode also covers:

• The growing market for child sexual exploitation and its financial footprint

• Payment service providers and high-risk transactions

• The importance of public-private partnerships (PPP) in fighting trafficking

• Case studies including Operation Fort and the Modern Slavery Intelligence Network

• Why financial institutions should act now without waiting for regulators

Warning: difficult subject matter.

Links

Stop the Traffik

Human trafficking transaction detection needs a bigger financial crime toolkit

UK watchdog has no plans to prioritise human trafficking

Evolving UK people smuggling policy requires new approach from financial crime teams

Compliance Corylated

Corlytics

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In this episode Rachel Wolcott and Lindsey Rogerson discuss third quarter enforcement data provided by Corlytics. 

They begin by reviewing the largest fine of the quarter handed down to fast fashion chain, Shein, by French privacy watchdog Commission nationale de l’informatique et des libertés’ (CNIL). Shein was fined US$175.7 million for multiple breaches of Article 82 of the EU General Data Protection Regulation (GDPR) after an August 2023 investigationproblems with the retailers’ cookies. 

Rachel then explains the enforcement actions which lie behind a record quarter of fines from the Monetary Authority of Singapore (MAS), before moving on to discuss why anti-money laundering and financial crime are the common theme behind many of Q3’s enforcement decisions. 

Finally, they discuss the messages coming from US and UK regulators on future enforcement actions as well as the prospects of more AML-related enforcements from United Arab Emirates. Are enforcements there token gestures or a sign of things to come? 

Links:

Q3 enforcement: Singapore fines and bans for AML failings; Shein’s costly cookies

MAS Takes Regulatory Actions against 9 Financial Institutions for AML-Related Breaches

Cookies placed without consent: SHEIN fined 150 million euros by the CNIL | CNIL

Monzo fined £21 million for fincrime failures, third challenger bank fine inside a year

Weak bank customer due diligence in spotlight again after Barclays fined £42 million

Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Interactive Brokers LLC | Office of Foreign Assets Control

Transparency International Russia (in Exile): “Gold and Crossbows: How Russian Mercenaries Enable Dirty Business in Africa”

Acting Chairman Pham Announces Successful Completion of Enforcement Sprint

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The Corylated podcast is back with a conversation with Guido Palazzo, professor of business ethics at the University of Lausanne in Switzerland. Guido spoke to Rachel this week about his new book The Dark Pattern.

Join Guido and Rachel for a sobering journey through corporate hell exploring the human toll of some of the worst corporate scandals of recent times. Guido and his co-author Ulrich Hoffrage have identified nine traits of the dark pattern and explain how they manifested at companies from Theranos and Wells Fargo to Uber, Foxconn and FranceTelecom—all scenes of serious corporate malfeasance. Finally, Guido and Rachel discuss how ‘The Bright Pattern’ could help organisations fend off such failings. 

Warning: contains mentions of suicides. 

Links:

The Dark Pattern: The Hidden Dynamics of Corporate Scandals

Guido on LinkedIn

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Corylated on LinkedIn

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