WASHINGTON, USA – The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $37,000,000 civil money penalty against Brink’s Global Services USA, Inc., (Brink’s) for willful violations of the Bank Secrecy Act (BSA), the primary US anti-money laundering (AML) law that safeguards the financial system from illicit use, and its implementing regulations.
As a result of Brink’s failures, hundreds of millions of dollars in bulk currency shipments were transmitted across the Southwest Border on behalf of high-risk entities—including a Mexican currency exchanger that later pleaded guilty to violating the BSA. This is FinCEN’s first enforcement action against an armored car company.
“For years, Brink’s moved large sums domestically and across the Southwest Border without required AML controls, exposing the US financial system to a heightened risk of money laundering, including from narcotics trafficking and other illicit activity,” said FinCEN’s director Andrea Gacki. “This enforcement action is an important reminder that FinCEN will take action against those who fail to do their part to safeguard our nation’s financial system.”
As set forth in its resolution with FinCEN, Brink’s willfully violated the BSA, including failing to: (i) register with FinCEN as a money services business; (ii) develop, implement, and maintain an effective AML program; and (iii) file suspicious activity reports. In addition to the civil money penalty, Brink’s will also be subject to an AML program review.
FinCEN appreciates the close collaboration with its partners from the US attorney’s office for the Southern District of California on this matter.
FinCEN’s Enforcement and Compliance Division is responsible for investigating serious violations of the BSA.
For additional information regarding the facts and circumstances associated with this enforcement action, including the specific BSA violations and their underlying causes, please see the Consent Order between FinCEN and Brink’s.
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