National Financial Crime Fighter Day is celebrated on October 26 every year. The objective of the day is to celebrate anti-money laundering (A.M.L.) professionals and the good their work does to the financial institutions of the United States. The first-ever National Financial Crime Fighter Day was held in 2017. It was organized by Abrigo, a risk management and growth driving technological platform used by financial institutions in America, to honor A.M.L. professionals and acknowledge the extremely important work that they do. As per Bob Kim, vice president of client and partner solutions at Abrigo, “We are proud to continue to push for more awareness and recognition of these unsung superheroes.” In the same vein, the Bank Secrecy Act (B.S.A.) was also passed to control financial crimes.
History of National Financial Crime Fighter Day
A rise in the drug trade in the 1960s and 1970s led to a large influx of illegal money supply into the U.S. financial system. In retaliation to the inflow, the U.S. Congress passed the Bank Secrecy Act in 1970 to curtail money laundering and financial crimes. This resolve was further strengthened after the terrorist attacks on September 11, 2001. The resulting U.S.A. PATRIOT Act, 2001 — signed on October 26, 2001 — cemented the importance of B.S.A./A.M.L. professionals in the U.S. financial system.
B.S.A./A.M.L. professionals have been working, for over half a century now, to prevent money-laundering and other financial crimes in the country.
As per Bob Kim, vice president of client and partner solutions at Abrigo, “B.S.A. and A.M.L. professionals work tirelessly to protect our financial system from money laundering, fraud, and other financial crimes.” He holds that the hard work that these professionals put into their craft often goes unrecognized outside of the industry.
He added, “We are happy to help shine the national light on their unrelenting dedication to their occupation with National Financial Crime Fighter Day.” This reverence of B.S.A./A.M.L. professionals is displayed especially on National Financial Crime Fighter Day every year on the anniversary of the U.S.A. PATRIOT Act is signed.
National Financial Crime Fighter Day timeline
The B.S.A. is signed.
The 9/11 terrorist attacks cause destruction in the United States.
The U.S.A. PATRIOT Act is signed by George W. Bush.
National Financial Crime Fighter Day is celebrated for the first time.
National Financial Crime Fighter Day FAQs
What is an A.M.L. investigator?
An A.M.L. investigator monitors and investigates suspicious financial activity.
What makes a good A.M.L. analyst?
Good A.M.L. analysts are thorough, organized, and able to multitask.
Is the ACAMS exam easy?
The ACAMS (Association of Certified Anti-Money Laundering Specialist) exam is reasonably easy if you are properly prepared.
How to Observe National Financial Crime Fighter Day
Learn about the Bank Secrecy Act
The Bank Secrecy Act is the first document to underline the importance of A.M.L. professionals. Learn more about it.
Learn more about what B.S.A./A.M.L. professionals do
The point of National Financial Crime Fighter Day is to celebrate B.S.A./A.M.L. professionals. Learn about what their job actually entails.
Talk about it on social media
Now that you know who B.S.A./A.M.L. professionals are, and why they’re important, talk about them on social media. Let’s do right by these professionals and shine a light on the hard work they do.
5 Interesting Facts About U.S. Finance
The currency of the United States is the U.S. Dollar.
Number of banks
There are 5,033 banks in the United States.
Banks in the United States have over 2.07 million employees in total.
On average, an American had U.S.D. 65,900 in their savings in 2020.
The average American has more debt than savings.
Why National Financial Crime Fighter Day is Important
It highlights the importance of B.S.A./A.M.L. professionals
The core object of National Financial Crime Fighter Day is to highlight how important B.S.A./A.M.L. professionals are to the American financial system. We think that’s plenty reason to celebrate.
It highlights an important part of American history
Both the 1960s drug trade and 9/11 have greatly impacted the zeitgeist of the United States. National Financial Crime Fighter Day highlights legislative changes that these two phenomena caused.
It’s a reminder to appreciate lesser-known professionals
Many people know little about B.S.A./A.M.L. professionals. National Financial Crime Fighter Day is a perfect day to begin appreciating them.
National Financial Crime Fighter Day dates