It’s Official! Hug Your BSA Officer… Wait Who?
AUSTIN, TX – October 24th, 2017 – Governor Abbot declares October 26th The BSA and AML Professional Recognition Day (view proclamation) and it’s the perfect time to learn what BSA/AML actually means.
Forty seven years ago the United States was facing a crisis. Criminals were using the U.S. financial infrastructure to move their ill-gotten gains out of the country or even worse to fund more criminal activity within the country. Something had to be done.
It started with, the Bank Secrecy Act, which was passed by Congress in 1970 in effort to stop money laundering and criminal financing. Following the September 11th attacks, the USA Patriot Act was signed on October 26, 2001. This action cemented the role of BSA officers within the financial industry.
Over the years, regulations have evolved and the expectations have grown, but at its core, the mandate of the BSA Officer, has not changed. They are the first line of defense in the protection of our financial system from criminal 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.
As a company that supports the BSA/AML industry, Banker’s Toolbox began the process to recognize BSA and AML Professionals as a way to show gratitude for everything these specialists do for the financial industry and the country. Banker’s Toolbox has pledged to keep pushing for more awareness and recognition for BSA and AML Professionals.
About Banker’s Toolbox, Inc.
Austin, TX-based Banker’s Toolbox, Inc. helps organizations and BSA/AML professionals manage risk and streamline compliance. The Banker’s Toolbox team is a unique combination of seasoned bankers, former regulators, and information technology experts. For more information, visit the company’s website at www.bankerstoolbox.com.
Banker’s Toolbox Contact: Kep Lee, email@example.com
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