Episode #70 with Mark Nuttal and Steve Vickers 🎧

In this episode of Regulatory Ramblings, two distinguished guests offer rare, experience-based insights into the global forces shaping today’s regulatory, security, and compliance environments.
The first segment features Steve Vickers, former head of the Criminal Intelligence Bureau of what was then the Royal Hong Kong Police Force and now CEO of Steve Vickers & Associates. He delivers a stark assessment of the geopolitical risks across the Asia-Pacific region, focusing on the intensifying rivalry between the United States and China. Vickers outlines how U.S. retrenchment and China’s expanding assertiveness are contributing to a breakdown in the post-Cold War security framework, raising the risk of proxy conflicts, maritime tensions, and economic realignment.
For corporates and financial institutions in hubs like Hong Kong and Singapore, he warns of increased insurance costs, disrupted supply chains, and a patchwork of regulations that complicate cross-border operations. Yet, amid these challenges, Vickers emphasizes the need for strategic flexibility and risk preparedness rather than panic—highlighting that uncertainty, while dangerous, also opens space for opportunity.
In the second segment, Mark Nuttall, a former London Metropolitan Police detective and now a geopolitical and compliance advisor, reflects on the human-centered lessons from his years in law enforcement and how they apply to today’s world of financial compliance. From bouncing in nightclubs to leading serious criminal investigations and advising financial institutions across Asia, MENA, and Europe, Nuttall’s journey offers a compelling narrative of personal resilience and professional evolution.
Drawing from his policing experience, he stresses the value of pragmatism, discretion, and situational awareness—particularly in regulatory roles like suspicious activity reporting and risk assessment. Nuttall critiques the overuse of AI and automation in due diligence, warning that while technology has its place, it cannot replace human judgment in contexts where cultural nuance and real-world experience matter most. He also shares his concerns about overregulation, cautioning that excessive compliance burdens can stifle economies, fuel inequality, and even provoke instability.
Together, these two conversations offer a rich, dual perspective: one zoomed out on the geopolitical stage and its implications for economic systems; the other grounded in the day-to-day decisions of compliance professionals navigating complexity and consequence. Whether you're a regulator, risk officer, or just trying to make sense of a fractured world, this episode offers grounded, actionable insights from two veterans who’ve lived the reality of risk.

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.

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