FinCEN (Financial Crimes Enforcement Network) held its second annual Law Enforcement Awards in a ceremony at the U.S. Department of the Treasury where the New York State Police won an award for investigating a case.
The New York State Police’s case relates to a college student who moved over $250,000 in less than six months. Law enforcement authorities traced the banking transactions of the student to the purchases of BTC and then to a dark net marketplace. The New York State Police SAR Review Team identified unsourced cash deposits totaling over $170,000 made by an unemployed college student, with more than 20 transactions structured below the CTR reporting threshold.
The investigators, in cooperation with virtual currency experts, developed a lead on a dark web marketplace. After that, the New York State Police located the university the student attended where local police suggested that the student might be involved in the sale of drugs on campus. In cooperation with the local county drug task force, the local district attorney’s office, and the county court, the NYSP confirmed the fact that the student was running a large-scale drug operation on campus, and developed a financial history of how the subject was purchasing drugs using virtual currencies. The New York State Police arrested the subject and seized large amounts of drugs.
Media website Econotimes described FinCEN’s work:
“FinCEN’s aims to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. FinCEN awards recognize the partnership between law enforcement and financial institutions to fight financial crime. The program included six award categories recognizing achievements in combating significant threats to the integrity of the financial system and the safety of the communities: SAR Review Task Force, Transnational Organized Crime, Transnational Security Threat, Third Party Money Laundering, Significant Fraud, and Cyber Threats.”