Brink's subsidiary to make a $42 million payment to resolve allegations by FinCEN and the DOJ
In a significant development, Brink's Global Services USA has admitted to willful violations of the Bank Secrecy Act (BSA) and has agreed to a settlement with the Financial Crimes Enforcement Network (FinCEN) and the Justice Department. The settlement, announced on Thursday, amounts to $42 million, to be paid over the next three years.
The settlement marks the first resolution with an armored car company related to BSA violations, according to the Department of Justice. FinCEN imposed a civil monetary penalty of $37 million on Brink's Global Services, crediting the company $20 million for its payment to the DOJ.
The violations involved Brink's Global Services shipping hundreds of millions of dollars across the Mexican border on behalf of high-risk entities, one of which was a Mexican currency exchanger that later pleaded guilty to BSA violations.
The ultimate recipient of the transactions was a third-party not identified by Brink's Global Services. In response to the settlement, the company has beefed up its ethics and compliance program, creating new roles within the department, including a deputy chief ethics and compliance officer.
Brink's Global Services has also significantly increased its compliance staff to ensure better adherence to anti-money laundering (AML) controls. The company transported more than $15 million from a money service business in San Diego to a separate money service business in Florida through 12 transactions in 2019 and 2020.
For detailed and authoritative information on Brink's settlement and compliance measures, you can check official press releases and enforcement action announcements on government regulator websites, such as the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) or the U.S. Department of Justice (DOJ). Additionally, you can review filings with the Securities and Exchange Commission (SEC) or monitor reputable news outlets or legal analysis websites specializing in financial crimes and regulatory compliance.
Brink's Global Services USA has agreed to a settlement worth $42 million, primarily due to willful violations of the Bank Secrecy Act (BSA) in their business operations. The settlement, being a historic first with an armored car company for BSA violations, has prompted Brink's to strengthen its ethics and compliance program within the finance sector, making significant additions to its compliance staff to ensure better adherence to anti-money laundering (AML) controls.
