History of BSA/AML Professional Day
“National Financial Crime Fighter Day”
The drug wars of the 1960s and 70s created an uptick in illicit and ill-gotten gains entering the United States financial system, leading to more funding of criminal activity – including drug and human trafficking. The Bank Secrecy Act (BSA) was passed by Congress in 1970 in an effort to better protect the United States financial system from money laundering and the financing of criminal activities. The BSA was strengthened following the terrorist attacks of September 11, 2001, with the introduction of the USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism). The USA PATRIOT Act was signed on October 26, 2001, cementing the important role BSA/AML (anti-money laundering) professionals play in the financial industry.
For the past 49 years, BSA and AML professionals have been working tirelessly to protect our financial system around the clock. It is a thankless job that most Americans don’t even realize exists and that is because BSA/AML professionals are so good at what they do.
Over the years, banking regulations have evolved, and enforcement has gotten stricter, but at its core, the mandate of the BSA Officer has not changed. They are the first line of defense in protecting our financial system from illegal and terrorist activity. They stop drug cartel money from getting back to their country of origin, prevent human traffickers from financing their operations and uncover activity that precludes terrorists from funding their activities. The BSA Officer works interminably and monitors it all. This role comes with heavy ramifications, large amounts of stress and little tolerance for errors. In recent years, BSA professionals have been held personally liable with jail time or hefty fines for loose BSA/AML programs at their institutions demonstrating the significance of their role and its importance to our national security.
In 2017, Abrigo, formerly Banker’s Toolbox, a company that proudly supports BSA/AML professionals nationwide, began the pursuit to recognize BSA and AML professionals by dedicating a day to show gratitude for everything they do for the financial industry and our country. We want you to know how appreciated you are, not only on October 26th, but, every single day.
More About Abrigo:
Abrigo was founded on the act of service from an IT Manager to their co-worker, a BSA/AML professional, in order to support the work that they did and make their job easier. It’s this passion of service that drives our commitment to help BSA/AML professionals and the role they play in fighting financial crime
Abrigo is committed to offering solutions, education and services that make the jobs of BSA/AML professionals easier and detecting financial crime a success. Advocating for BSA/AML professionals, the true superheroes of the financial industry, and highlighting their commitment to stopping financial crime is a perfect way that we can all show support for their tireless efforts and spread awareness on the importance of stopping financial crime.