Brink’s Global Services USA (BGS USA), a subsidiary of The Brink’s Company, has reached settlements with two federal agencies regarding investigations into its cross-border currency shipments and compliance with money-transmitting regulations, the company announced Thursday.
The agreements include a non-prosecution deal with the Department of Justice (DOJ) and a consent order with the Financial Crimes Enforcement Network (FinCEN) that imposes civil monetary penalties. The company disclosed that it will pay $42 million over a three-year period to resolve these matters.
The investigations centered on currency shipments conducted between 2018 and 2020. According to FinCEN, BGS USA committed willful violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. The agency assessed a $37 million civil penalty and will require the company to undergo an AML program review.
FinCEN Director Andrea Gacki highlighted the severity of the violations: “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.”
The agency detailed three primary failures by BGS USA: not registering as a money services business with FinCEN, failing to implement an effective AML program, and not filing required suspicious activity reports.
Separately, the DOJ announced that BGS USA would forfeit $50 million to resolve criminal allegations related to operating as an unlicensed money transmitting business. As part of the non-prosecution agreement, the company acknowledged illegally transporting money both within the United States and internationally.
Mark Eubanks, Brink’s President and CEO, addressed the settlements: “Upon learning of the DOJ investigation in 2020, we conducted our own thorough internal review and have since implemented further enhancements to our global Ethics & Compliance program, which were acknowledged by the DOJ in our agreement.” He emphasized the company’s commitment to “continuous improvement” and adaptation to “changing compliance risks” as an industry leader.
The company noted its cooperation throughout the investigations and pointed to strengthened compliance measures implemented over recent years in response to these issues.