From a Secret Service Agent to a Global Financial Crime Fighter

Regulatory Ramblings

Ep #54 With David Caruso, Dominion Advisory Group
In this episode of Regulatory Ramblings, David Caruso, a former U.S. Secret Service agent turned global financial crime fighter, shares insights from his 30-year journey in AML and financial crime compliance. With an impressive career, including time as chief compliance officer at Riggs Bank, David recounts his pivotal role in uncovering corruption scandals involving Equatorial Guinea and former Chilean dictator Augusto Pinochet. These investigations sparked significant U.S. regulatory and legal actions, influencing AML enforcement on a global scale.
David reflects on the evolution of financial crime compliance, pointing to key regulations like the Bank Secrecy Act, USA PATRIOT Act, and FATCA. He critiques how the increasingly regulatory-driven focus has distracted AML teams from their primary mission. He also shares his concerns about international policy-setting bodies, such as the Financial Action Task Force (FATF), questioning whether new rules are truly effective in preventing financial crime or unintentionally stifling economic growth.
The discussion wraps up with David’s views on the limited success of sanctions against Russia, the potential of AI in AML/KYC compliance, and his policy recommendations moving forward.
David Caruso is the founder and managing director of Dominion Advisory Group, helping banks across the U.S., Europe, and Asia navigate financial crime risk and compliance. With a background as a U.S. Secret Service agent and a degree from George Washington University, he has been at the forefront of shaping financial crime compliance since 1996, advising global institutions and building AML programs at major banks.
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