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The company has to pay the Justice Department and FinCEN for violating the Bank Secrecy Act, the U.S.’s main anti-money laundering law.
Brink’s Global Services USA Inc., the U.S. arm of Brink’s Inc. and The Brink’s Company, has agreed to pay a $42 million settlement after it admitted to operating an unlicensed money transmission business.
Richmond, Va.—The U.S. arm of The Brink’s Company has agreed to pay a $42 million in settlement and penalties after it admitted to operating as an unlicensed money transmitting business and violating the Bank Secrecy Act, the United States’ primary anti-money laundering law.
In a Feb. 6 statement, the company announced that Brink’s Global Services USA had reached two separate resolutions regarding certain shipments of cash made between 2018 and 2020—a non-prosecution agreement with the U.S. Department of Justice and a consent order with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
A non-prosecution agreement allows a company or individual to avoid criminal prosecution if certain criteria are met.
According to a DOJ release from the U.S. Attorney’s Office for the Southern District of California, Brinks USA admitted that it violated Bank Secrecy Act rules requiring that a company transporting money to a third party register with FinCEN and maintain anti-money laundering compliance programs, neither of which Brink’s USA did.
The non-prosecution agreement lists a number of instances in which Brink’s USA illegally transported money.
As one example, the DOJ said Brink’s USA transported more than $15 million from a money service business in San Diego to a separate money service business in Florida across 12 transactions.
According to the DOJ, Brink’s USA “did not seek or obtain information” confirming the final beneficiary of each transaction, ultimately transmitting the $15 million to a third party not identified by Brink’s USA.
On eight occasions, the company imported currency totaling more than $35 million into the U.S. from Mexico.
The DOJ said Brink’s USA and two other unnamed currency transporters imported and transported the money on behalf of a money service business located in Mexico for final delivery to several money service businesses in the U.S.
Such currency cross-border transshipments can avoid Bank Secrecy Act requirements if the transactions involve just one company/individual and no third parties, the DOJ explained, which was not the case with these transactions, making Brink’s USA an unlicensed money transmitter.
Between 2018 and 2020, Brink’s USA also shipped $800 million in bulk currency transactions as an unregistered money services business involving the U.S., Mexico, and Spain, according to FinCEN.
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In a Feb. 6 statement, the company announced that Brink’s Global Services USA had reached two separate resolutions regarding certain shipments of cash made between 2018 and 2020—a non-prosecution agreement with the U.S. Department of Justice and a consent order with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
A non-prosecution agreement allows a company or individual to avoid criminal prosecution if certain criteria are met.
According to a DOJ release from the U.S. Attorney’s Office for the Southern District of California, Brinks USA admitted that it violated Bank Secrecy Act rules requiring that a company transporting money to a third party register with FinCEN and maintain anti-money laundering compliance programs, neither of which Brink’s USA did.
The non-prosecution agreement lists a number of instances in which Brink’s USA illegally transported money.
As one example, the DOJ said Brink’s USA transported more than $15 million from a money service business in San Diego to a separate money service business in Florida across 12 transactions.
According to the DOJ, Brink’s USA “did not seek or obtain information” confirming the final beneficiary of each transaction, ultimately transmitting the $15 million to a third party not identified by Brink’s USA.
On eight occasions, the company imported currency totaling more than $35 million into the U.S. from Mexico.
The DOJ said Brink’s USA and two other unnamed currency transporters imported and transported the money on behalf of a money service business located in Mexico for final delivery to several money service businesses in the U.S.
Such currency cross-border transshipments can avoid Bank Secrecy Act requirements if the transactions involve just one company/individual and no third parties, the DOJ explained, which was not the case with these transactions, making Brink’s USA an unlicensed money transmitter.
Between 2018 and 2020, Brink’s USA also shipped $800 million in bulk currency transactions as an unregistered money services business involving the U.S., Mexico, and Spain, according to FinCEN.
“For years, Brink’s moved large sums domestically and across the Southwest border without required AML controls, exposing the U.S. financial system to a heightened risk of money laundering, including from narcotics trafficking and other illicit activity,” FinCEN’s Director Andrea Gacki said in a statement.
One of these “high-risk entities” was a Mexican currency exchanger that later pleaded guilty to violating the Bank Secrecy Act, said FinCEN.
The case marks FinCEN’s first enforcement action against an armored car company, said the organization, while the DOJ said its settlement with Brink’s USA is believed to be the first with an armored car company based on admissions of criminal wrongdoing for failing to register as a money transmitting business.
Under the terms of the agreements, Brink’s USA has agreed to pay a total of $42 million over three years.
In a parallel enforcement action, Brink’s USA and FinCEN also resolved civil allegations related to the armored car company’s failure to maintain an adequate anti-money laundering program and other related violations.
Brink’s President and CEO Mark Eubanks said, “Maintaining compliant operations for our global community of customers is a fundamental principle of our business and our company values.”
When Brink’s learned of the DOJ investigation in 2020, the company conducted its own internal review, said Eubanks, and has since enhanced its global ethics and compliance program.
The improvements include adding more full-time compliance professionals, refining its anti-money laundering controls and its “Know Your Customer” policies.
“As an industry leader, we are committed to continuous improvement and are always evolving our program to address changing compliance risks,” said Eubanks.
The DOJ originally ordered Brink’s USA to forfeit $50 million but forgave half of the penalty due to the company’s swift action to bolster its ethics and compliance program, bringing the penalty to around $25 million.
FinCEN imposed a civil monetary penalty of $37 million but credited Brink’s USA $20 million for its payment to the DOJ, ultimately imposing a $17 million penalty, bringing the total to $42 million.
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