Based on your picture, you don't have a "yoke" style reg. You have a DIN reg.
The arrows you used to point out the problem are pointing to the diaphragm in the first stage. If that is where the leak is, you have a serious problem. That means it wasn't assembled correctly the last time it was serviced or, if you don't dive that often, dry-rot has set in.

I would definitely NOT dive that reg. I wouldn't dive it in a swimming pool...

Definitely show your LDS that's where it's leaking. Have them spray it with soapy water, they should have it on-hand so they can see the leak.

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Capt. Sean Patterson

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