The New York State Police won formal recognition this week for its work tracing bank deposits back to a number of drug deals conducted in bitcoin on an online dark market.
The Financial Crimes Enforcement Network (FinCEN) presented an award to the New York State Police Suspicious Activity Review (SAR) Team and the New York State Police Financial Crimes Unit during an event held at the US Department of the Treasury in Washington, DC.
In a statement to announce the award and five others, outgoing FinCEN director Jennifer Shasky Calvery spoke to the increasing sophistication of financial crimes investigation by US officials.
“Without the valuable information that US financial institutions provide, the significant cases recognized here today would likely never have seen the light of day.”
In this particular case, while reviewing financial reports provided as part of the Bank Secrecy Act, the police department’s SAR team discovered that over a six-month period, an unnamed individual made more than 20 un-sourced deposits totaling $170k, in amounts seemingly designed to evade detection.
An investigation by the department’s Financial Crimes Unit discovered that an individual had deposited cash into several bank accounts, used the cash to purchase bitcoin, then closed