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FCPA Compliance Report

9/11 Twenty-Five Years Later: Part 6: John Lee Dumas – “I Knew I Was Going to War”

Ed. Note: Five years ago, Tom Fox looked back on 9/11 in a 20-year retrospective. This week is the 25th anniversary of that event. We will be rerunning this award-winning podcast so we never forget.

On the 20th anniversary of the 9/11 terrorist attack, Tom Fox and guests look back on the tragic event and what it meant for them personally, as well as how it impacted the world of compliance. Today Tom’s guest is John Lee Dumas. John, host of the award-winning podcast Entrepreneurs on Fire, joins Tom Fox for the final installment of Looking Back at 9/11 to commemorate the 20th anniversary of the 9/11 attacks. He tells Tom how his life changed in that pivotal moment and the big lessons he learned.

A Time of War

John tells Tom that he was in his final year at Providence College and in the ROTC cadets on 9/11. When he saw the towers fall, he knew at once that it would change the trajectory of his career. He and his roommate looked at each other, and they knew “that our next four years of active duty army experience went from being in the peacetime army to looking like we were going to war.” Within hours, they were called to active duty: “We just became officers in the US Army during a time of war,” John recalls.

Leadership Lessons from the Army

Tom asks John what leadership lessons he learned in the Army. John outlines three major takeaways that his time in combat taught him:

  1. To learn from those who went before. “I learned right at the beginning that I needed to stand upon the shoulders of giants,” he remarks.
  2. A good decision now is better than a great decision later. Action is everything. Make the best decision you can with the information you have, take action, then adjust when you know more.
  3. If you discover later on that you made a wrong decision, cut your losses and move on. Don’t compound that mistake by staying in a bad place, John advises. “I kept being willing to pull back and say, let’s try again, until I finally made a great decision. It took six years to make my first great decision, but that great decision has led to the last 10 years of living the exact life that I want to live.”

What Americans Should Remember

John wants Americans to appreciate their freedom because it was hard-won. He tells listeners, “So few people have ever experienced what true lawlessness is. And until you’ve experienced that, it’s hard to really appreciate what we do have here. But you know, this is a great country, and it is the home of the free because of the brave. And I hope that’s just something that we will always remember.”

Resources

John Lee Dumas: ⁠Entrepreneurs on Fire⁠ 

Categories
Daily Compliance News

Daily Compliance News: September 11, 2026, The Always Remember 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 in 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.

Top stories include:

  • Huawei trial begins. (WSJ)
  • Former Ecuadorean President sentenced for COVID-era medical supply corruption. (Reuters)
  • 21 Air and safety. (WSJ)
  • ICAC charges ex-HKEX VP (how’s that for acronym overuse?) (SCMP)

My first work of general non-fiction is now out: Deluge Before Dawn, the story of the 2025 flood in Kerr County, Texas, which killed 119 people and devastated a county. It is a story of tragedy, heartbreak, survival, and resilience.

It is available on the following sites:

Amazon.com

Stoney Creek Publishing

Barnes and Noble

Texas A&M University Press

Bookshop.org

Google.Books

Walmart

This week only, the Kindle e-book version is available for $0.99 on Amazon.

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FCPA Compliance Report

9/11 Twenty-Five Years Later: Part 5: Scott Moritz – It Changed Overnight

Ed. Note: Five years ago, Tom Fox looked back on 9/11 in a 20-year retrospective. This week is the 25th anniversary of that event. We will be rerunning this award-winning podcast so we never forget.

On the 20th anniversary of the 9/11 terrorist attack, Tom Fox and guests look back on the tragic event and what it meant for them personally, as well as how it impacted the world of compliance. Today, Tom’s guest is Scott Moritz for this episode of Looking Back at 9/11, where Scott talks about how the events of 9/11 impacted the FBI.

How 9/11 Changed The FBI: Structural and Cultural Ambidexterity

9/11 fundamentally changed the FBI overnight. Scott remarks that for a long time after 9/11, the FBI was primarily focused on the attack on the Trade Center. That was the Bureau’s main investigation, and all FBI field offices and virtually every foreign attaché office in the world worked on it. Many scholars, through various organizational studies and surveys, assumed that the FBI would have created simultaneous frontline structures and processes to balance its two competing missions: national security and law enforcement. The scholars also posited that the FBI might engage in cultural ambidexterity by refusing to take on the national security mission altogether. The FBI did something altogether unexpected and tackled both. 

The Benefit of One Agency

“There was this rapid emergence of two clear, but distinct, identities, and eventually, you know, one new unified identity: the FBI, but some changes were that terrorism cases were centralized at headquarters…This was a big departure from the way that the FBI normally operated,” Scott tells Tom. By staying a single agency, the FBI had better access to local law enforcement and could better leverage defendants for information that could advance the national security mission.

A Shift in the Private Sector

Tom asks Scott to talk about any changes in the private sector he was personally involved in. The major post-9/11 change in the private sector, especially for financial institutions, was the enactment of the Patriot Act, which also paved the way for other significant changes. Financial Institutions and broker-dealers had to harden the security of buildings and supply chains across the country’s infrastructure. There was also an explosion of no-fly lists, watch lists, and terrorist watch lists. Banks, building owners, and brokerage companies often had to navigate these systems quickly. Scott was heavily involved in helping these institutions meet their anti-money-laundering and security obligations. 

Looking to the Future

Tom asks Scott to share reflections on 9/11 and the future. Scott remarks that after 9/11, the country was more united and people were more compassionate toward one another. The best of humanity in the form of kindness and outpouring of love was seen not just from Americans to each other, but from the rest of the world to America. He hopes he can see that kind of love and unity again someday. 

Resources:

Scott Moritz | ⁠LinkedIn⁠

⁠Fraud Eats Strategy

Front Office Agents Podcast

Categories
FCPA Compliance Report

9/11 Twenty-Five Years Later: Part 4: Eric Feldman – A Wake Up Call

Ed. Note: Five years ago, Tom Fox looked back on 9/11 in a 20-year retrospective. This week is the 25th anniversary of that event. We will be rerunning this award-winning podcast so we never forget.

On the 20th anniversary of the 9/11 terrorist attack, Tom Fox and guests look back on the tragic event and what it meant for them personally, as well as how it impacted the world of compliance. Today Tom’s guest is Eric Feldman. Eric is the Senior Vice President and Managing Director at Affiliated Monitors, a company that monitors large and small companies in government contracting, construction, engineering, manufacturing, and financial services. He also assesses corporate ethics and compliance programs across many countries. Eric joins Tom to discuss how the events of 9/11 changed the role of the Inspector General.

The Impact of 9/11 on the IG’s Role

Eric tells Tom that 9/11 was the most informative time of his career and of many other Inspector General’s. It was a moment of refocusing for everyone. Eric worked within the oversight function, but as part of the mission he was overseeing. “That focus on mission was it for me,” he tells Tom. Eric expresses that understanding the mission helped make him a better Inspector General. IGs worldwide became more concerned with the broader picture of how funds were used at their agencies to fight the war on terror, rather than the minutiae of time-and-attendance reporting.

The Importance of the IG Now

Tom asks Eric to elaborate on how the IG’s role rose in prominence post-9/11. Eric explains that government IGs became “part of the team” in different ways. There is more collaboration now across the agencies that IGs oversee. There is also independence: Eric expresses that there must be a balance between collaboration and independence. IGs are especially important because they ensure the dollars spent on the war and mission are spent properly.

A Wake-Up Call of Unity

Eric reflects that 9/11 was a wake-up call for the United States. The country came together, and unity, patriotism, and a sense of duty overtook politics. Eric hopes that the people can return to that unity without another catastrophe. 

Resources:

Eric Feldman | LinkedIn | Twitter

Affiliated Monitors

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FCPA Compliance Report

9/11 Twenty-Five Years Later: Part 3: Alex Dill – Patriot Act: The AML Response to Terrorist Threats

Ed. Note: Five years ago, Tom Fox looked back on 9/11 in a 20-year retrospective. This week is the 25th anniversary of that event. We will be rerunning this award-winning podcast so we never forget.

On the 20th anniversary of the 9/11 terrorist attack, Tom Fox and guests look back on the tragic event and what it meant for them personally, as well as how it impacted the world of compliance. Today Tom’s guest is Alex Dill. Alex is a scholar and professor specializing in financial regulation, risk management, and compliance. He also has corporate experience in ​the ethics of business practices in finance, bankruptcy, bond covenants, and debt markets. He joins Tom to discuss the Patriot Act’s impact on responding to terrorist threats.

How 9/11 Changed AML

Before 9/11, AML regulations were very lax and backward-looking. The focus was on prosecuting crimes already committed and on money laundering more than on terrorist financing. Banks weren’t doing meaningful customer due diligence because they felt the process was invasive. After 9/11, this all changed. Law enforcement agencies and financial institutions revamped their policies and procedures to take a more preventive approach to AML and terrorist financing. This led to the Patriot Act.

The Financial Response

Tom asks Alex whether he saw a similar regulatory response among non-financial institutions regarding Patriot Act AML procedures post-9/11. “There was a huge amount of rulemaking that had to be done,” Alex responds. He adds that public companies adopted customer due diligence and applied it more broadly across sectors, using a risk-based approach. Companies now had to file suspicious activity reports, not just banks. Customer identification was also introduced. “The Patriot Act sought to encourage cooperation among law enforcement agencies and among the financial institutions themselves to share information and obtain information from foreign law enforcement authorities,” Alex tells Tom.

The Challenge With The Patriot Act 

Alex explains to Tom that the Patriot Act has challenges. A major challenge is detecting the financing behind these attacks. Funds that finance these actions come from both legal and illegal sources, and that is a major issue. Transaction amounts can be small, which may pose a risk for some compliance officers. 

Technology in Anti-Terrorism

Alex remarks that technology is very important in the fight against terrorism, as it has changed how we function in our world. The downside is that technology has also helped create some of the compliance issues we face today. Social media platforms have helped to create polarization in society, and criminals have used programs like cryptocurrency for money laundering and financing terrorism. However, Alex ends on a positive note, saying the AML Act of 2020 has been helping curb these issues.

Resources:

Alex Dill | LinkedIn | Twitter

Categories
FCPA Compliance Report

9/11 Twenty-Five Years Later: Part 2: Juan Zarate – The Treasury Department Responds

Ed. Note-Five years ago, I looked back on 9/11 in a 20 year retrospective. This week is the 25th anniversary of that event. I am rerunning this award winning podcast so that we never forget.

On the 20th anniversary of the 9/11 terrorist attack, Tom Fox and guests look back on the tragic event and what it meant for them personally, as well as how it impacted the world of compliance. Juan Zarate is the Global co-Managing Partner and Chief Strategy Officer at K2 integrity. On 9/11 he was a prosecutor at the Treasury Department working on international enforcement issues, anti money laundering, anti-corruption and anti-terrorist financing. He joins Tom Fox to commemorate the 20th anniversary of 9/11. They discuss how his role changed, the Treasury Department response and what the tragic event means for him.

A Change of Mission

9/11 changed the mission of the Treasury Department. Juan tells Tom, “We went after terrorist financing to try to disrupt and dismantle Al-Qaeda’s terrorist networks and infrastructure, and disrupt how illicit financing was flowing through the international system.” He recalls where he was on the fateful day and how seeing the smoke from the Towers and the Pentagon affected him emotionally. Something very different was happening, he recalls; the country was under attack.

He outlines the strategic, departmental and tactical changes implemented after 9/11 to fight terrorism. The President declared that we were now at war. “The attitude and the strategic direction of the government was [that] we now have to prevent terrorist attacks,” Juan recalls. “We have to disrupt and dismantle terrorist networks. And that led to an entire preventative paradigm for the counter-terrorism approach to the government.” The new mission of the Treasury Department was the following areas, Juan remarks: “How do you use financial information more aggressively? How do we think about the use of tools and authorities that the Treasury has, like sanctions, anti money laundering rules? How do we think about the relationships internationally with central banks, finance ministries? How do we get the world on board to disrupt terrorist financing, to rip these organizations out of the legitimate financial commercial world?” The Patriot Act was one tactical change, among others, that was implemented to achieve the new mission of fighting terrorism.

What 9/11 Means

Tom asks Juan, “What are your reflections now as we come up on the 20th anniversary of the day of 9/11, and really what it meant for America and for you 20 years later?” Juan responds that he has mixed emotions. He thinks about the victims and their families first of all. That day changed history, he says. “It changed the way that the U S government viewed the world. It changed the way that we operated our strategy. And it changed the sense of our vulnerability.” The recent events in Afghanistan make the 20th anniversary even more difficult for Juan. “I have very mixed emotions coming on the 20th anniversary of 9/11,” he concludes, “but I’m very proud of the work that we did. I’m proud of the people I served with and my sympathies go out to the victims and their families.”

Resources

Juan Zarate at ⁠K2 Integrity⁠

Categories
FCPA Compliance Report

9/11 Twenty-Five Years Later: Part 1: Gabe Hidalgo – Needing to Make a Difference

Ed. Note-Five years ago, I looked back on 9/11 in a 20 year retrospective. This week is the 25th anniversary of that event. I am rerunning this award winning podcast so that we never forget.

On the 20th anniversary of the 9/11 terrorist attack, Tom Fox and guests look back on the tragic event and what it meant for them personally, as well as how it impacted the world of compliance. Tom’s first guest this week is Gabe Hidalgo, anti money laundering compliance expert, who shares how the events of that fateful day changed the course of his career.

Looking Back

Gabe – who worked as outside counsel for insurance companies at the time – remembers turning on YahooTV as soon as he got to his office on 9/11 and seeing the second plane hit the World Trade Towers. He knew immediately that it was a deliberate attack. “I knew that this was kind of a hallmark moment,” he tells Tom, “that this was not an accident.” He details leaving the office in haste to get to his pregnant wife, and the obstacles and roadblocks he faced on the way. When they finally reunited at home, they were overcome with emotion. He remembers feeling gutted thinking about the unborn children who would grow up never knowing their fathers.

Needing to Do Something

Gabe needed to do something more than just shed tears about 9/11, he tells Tom. He started to think about how he could use his skills as an attorney. “I went down the path of looking in private industry, what I can do, and came across anti money laundering compliance, which I thought was fascinating. And I said to myself, I need a way for me to be able to get into that so that I can start making a difference.” He shares his journey into the field, and that it was exactly the right time and the right fit for him. 9/11 was a wake up call for America, he remarks. It made us realize that we need to do whatever we can to prevent anything similar from happening again.

Evolution of AML Since 9/11

Tom asks Gabe how AML compliance has advanced since 9/11. It’s much more difficult for terrorist financiers to move funds now, he responds. “A lot of institutions have strengthened and hardened their compliance programs to the point where they can monitor individual transactions as they’re moving across the transactional workflow in the United States. They examine each and every transaction that’s coming across from a correspondent banking perspective, which is probably one of the most high-risk channels for money movement.” Gabe and his colleagues have done great work over the past 20 years, which has helped law enforcement stop and apprehend would-be terrorists. However, we can’t be complacent, Gabe says.

Tom asks what 9/11 means for America. The 20th anniversary is a somber one, Gabe replies. 9/11 taught us not to be naive, that we’re not as protected as we think we are. He is proud of the advancements made to keep everyone safe, but the work continues. “It’s a moment of reflection,” he points out. “We need to think about not only the people who have lost their lives, but everyone that was impacted – whether they were directly impacted through a family loss, or they were emotionally impacted by what actually occurred.”

Resources

Gabe Hidalgo on ⁠LinkedIn⁠

Categories
Daily Compliance News

Daily Compliance News: September 11, 2025, The Lest We Never Forget 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 in to the Daily Compliance News. All, from the Compliance Podcast Network. Each day, we consider four stories from the business world, including compliance, ethics, risk management, leadership, or general interest, relevant to the compliance professional.

Top stories include:

  • Citi and UBS settle with the CFTC over commodity trading compliance violations. (Bloomberg)
  • Goldman Sachs’ GC was once Epstein’s administrator. (WSJ)
  • The son of a Chinese regulator under investigation has been detained. (FT)
  • Gen Z protestors force recognition of Nepali PM. (Reuters)
Categories
Blog

Looking Back on 9/11: John Lee Dumas – I Knew I Was Going to War

Ed. Note: In 2021, I did remembrance of 9/11 with a podcast series and accompanying blog post series featuring the personal stories of persons in the compliance field with their thoughts about what the date of 9/11 meant to them, how it changed our profession and their thoughts looking back some 20 years later. The series featured the following:

I concluded this series by visiting with John Lee Dumas, host of the uber-popular podcast Entrepreneur on Fire. On 9/11, Dumas was a senior at Providence College. John had one of the most powerful stories I have ever heard about 9/11.

==============================================================Dumas was also an Officer Candidate in ROTC on 9/11. He said, “I remember waking up in the morning, and one of my roommates said, “Hey, turn the TV on.” We turned on the TV, and we just saw the tower smoking. Shortly after that, the collapse will be live on the television screen. One of my roommates who was also in ROTC, we looked at each other, and we both knew without saying anything that our next four years of active-duty army experience went from being in the peacetime army to looking like we were going to war of some kind. We knew that when that tower collapsed, we would play a very active role as officers in the US Army. Within a couple of hours, we had a real-world briefing at our ROTC headquarters on campus, where the commander of our ROTC battalion gave us a real-world breakdown. It confirmed what we were thinking when we saw that the tower collapsed. We just became officers in the US Army during a time of war.”

We turned to leadership lessons Dumas learned from his time in the Army. He commanded a tank platoon, which was four M1 Abrams tanks and 16 men. Yet, as the tank commander, Dumas was one of the least knowledgeable persons in his platoon about how a tank worked, the best operations, how to drive a tank, how to load the Sable rounds, how to fire the weapon, and even how to navigate. He said, “I was the platoon leader at 22 years old and one of the least experienced and knowledgeable people in my platoon. That’s how the military works. And I learned right at the beginning that I needed to stand upon the shoulders of giants. I needed to go to my platoon sergeant, who seemed like an old man at 37 years old at the time. But it was me, like a little baby.”

Dumas went to Sergeant Walker with humility and humbleness and asked him, “What do I need to know? How can you be respectful in front of the men? How can you respectfully be my mentor?” He appreciated that “I was not trying to pretend I knew what I didn’t know and going to him for advice. That was a big lesson. And I’m standing upon the shoulders of giants and learning from those who have been there, done that with experience.”

Another key leadership lesson for Dumas was that “a good decision now is better than a great decision later.” He said he has seen many people in the entrepreneurship and business world paralyzed, trying to make a great decision. “They are trying to be like General Patton, trying to make the one decision to win the war.” The problem is that if you “try to wait around and wait while the bullets are flying to make a great decision, you and probably other people are going to die because time is everything. Action is everything. Just coming up with a good decision and implementing it right now will be the fraction that separates life and death for many people; I learned that firsthand, and that will always stay with me. I took that lesson from the military and applied it to entrepreneurship. I’m not going to sit around and try to make a great decision on this aspect of my podcast, on that aspect of my business, on this aspect of this; I’m just going to make a good decision and take action. And if I need to adjust later, I will.”

We talked about losing men in combat. Dumas said he learned, at ages 22 and 23, the finality of death. He said, “Somebody you had breakfast with that morning, they were talking about their hopes, dreams, aspirations, what they were going to do when they got back that evening, what they’re going to do when they get back home from combat. And then, all of a sudden, it’s over. None of that is going to happen. None of their hopes, none of their dreams will ever be realized. There’s just such a finality to it. It made me pledge to myself never to forget number one, of course, the sacrifice that these soldiers make, but never forget just the finality of death and how we can all have the best of intentions.”

He learned that if you “don’t take action on them, death can wipe those best intentions away, and you can be left essentially having never done or accomplished anything that you set out to do in this life so quickly. This put a ticking time bomb mentality in my mind, and if I don’t feel like this is the right path for me, I won’t waste any more time fussing around having the sunk cost fallacy.” This led him to his current profession, which he loves.

I concluded by asking Dumas about his reflections on 9/11 and on going to war in Iraq some 20 years later. He said, “My reflections on 9/11 were just travesty, terror, confusion, panic, nobody knowing what was coming next. The major message that I do want to pass across to people today was evident to me living in Iraq for 13 months and living in a world where there was no police. There was no law. There was no cohesion. There were no repercussions. This is a great country and the home of the free because of the brave. And I hope that’s just something that we will always remember.

I hope you will take a moment on this most solemn day to reflect on 23 years after 9/11.

Categories
Daily Compliance News

September 11, 2021 the Remembering 9/11 edition


In today’s edition of Daily Compliance News:
·       Trevor Bauer suspended for rest of season. (ESPN)
·       Biden Administration weighing China trade probe.  (Bloomberg)
·       Is Google violating temp worker pay? (NYT)
·       Faulty USPS metrics? (WaPo)