National Financial Crime Fighter Day 2023: Date, History, Significnace, Facts about US Finance

The combined workforce of banks in the United States exceeds 2.07 million people.

National Financial Crime Fighter Day 2023: Annually, National Financial Crime Fighter Day is observed on October 26. The purpose of the day is to honor anti-money laundering (AML) professionals and the positive impact their efforts have on U.S. financial institutions. In 2017, the inaugural National Financial Crime Fighter Day was observed.

It was orchestrated by Abrigo, a technological platform utilized by financial institutions in America for development and risk management, with the intention of paying tribute to A.M.L. professionals and recognizing the critical nature of their work.

Bob Kim, vice president of client and partner solutions at Abrigo, states, “We are honored to persist in advocating for increased recognition and consciousness regarding these underappreciated heroes.” Similarly, the Bank Secrecy Act (B.S.A.) was enacted with the intention of regulating illicit financial activities.

National Financial Crime Fighter Day: History

In the 1960s and 1970s, an expansion of the drug trade caused a substantial influx of illicit funds into the U.S. financial system. The U.S. Congress enacted the Bank Secrecy Act in 1970 as a response to the influx of funds, with the intention of limiting money laundering and financial offenses. Following the occurrence of the terrorist assaults on September 11, 2001, this determination was reinforcing. Signed on October 26, 2001, the U.S. PATRIOT Act of 2001 solidified the position of B.S.A./A.M.L. professionals as pillars of the U.S. financial system.

Since more than fifty years ago, B.S.A./A.M.L. professionals have been preventing money laundering and other financial offenses in the nation.

Bob Kim, vice president of client and partner solutions at Abrigo, asserts that “professionals in the AML and BSA fields diligently safeguard our financial system against fraudulent activities, money laundering, and other financial crimes.” According to him, the dedication that these experts devote to their field is frequently overlooked beyond the industry.

He further expressed, “We are honored to assist in bringing attention to their unwavering commitment to their profession on National Financial Crime Fighter Day.” This esteem for B.S.A./A.M.L. professionals is particularly evident annually on National Financial Crime Fighter Day, which coincides with the signing of the U.S. PATRIOT Act.

Five fascinating facts regarding U.S. finances

The U.S. Dollar is the official currency of the United States.
In the United States, 5,033 banks are in operation.
The combined workforce of banks in the United States exceeds 2.07 million people.
In 2020, the average American held 65,900 U.S. dollars in savings.
The average American owes more than he or she has saved.

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National Financial Crime Fighter Day Quotes, Wishes And Messages

The Significance of National Financial Crime Fighter Day

It emphasizes the significance of B.S.A./A.M.L

The fundamental purpose of National Financial Crime Fighter Day is to emphasize the criticality of B.S.A./A.M.L. specialists to the financial system of the United States. We believe that is sufficient cause for celebration.

It emphasizes a significant period in American history

9/11 and the drug trade of the 1960s have both had a profound effect on the American zeitgeist. National Financial Crime Fighter Day honors the legislative changes that these two phenomena led to.

It serves as a reminder to have faith in lesser-known experts

Many individuals are uninformed regarding B.S.A./A.M.L. professionals. National Financial Crime Fighter Day is an ideal occasion to start showing gratitude towards them.