The U.S. Army Criminal Investigation Command (USACIDC) is looking to step up its efforts to effectively track illegal crypto transactions by using a cloud-based solution. The solution involves a Software-as-as-Service web application that has the capability to detect illicit crypto trades in order to combat money laundering and fraud. According to a recently published statement of work both the Major Cyber Crime Unit and the FBI have also expressed their intention to use the app to curb illegal crypto transactions.
Furthermore, the organization has announced that it is actively taking bids for any tested and already developed app. The application must be ready to be used in the battle against fraud and money laundering. All bids are to be submitted before the deadline set for July 20.
USACIDC sets conditions for the web application
The USACIDC, an arm of army that is sorely responsible for investigating any criminal involvement in the world, has set the conditions that the app must meet to allow it to track illegal trade effectively. The app must also be capable of analyzing all major cryptocurrencies such as Bitcoin in real-time; allowing users to investigate the origin of crypto trades.
Plus, the app should be quick to detect any suspicious activity involving illegal crypto transactions while tracking cryptocurrency connections.
The app should also feature capabilities such as pattern analysis and involvement with other entities. In addition, it should provide a link analysis tool that will prove handy in the data analysis process.
Stepping up the efforts to combat illegal crypto transactions
Earlier last year, the United States Army Contracting Command of New Jersey published a notice calling for an app that would help security agencies identify people engaged in illegal crypto trading. Development of a web-based military application; alongside other relevant government agencies, will massively boost their efforts to combat illegal crypto transactions in the sector.