The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has imposed a significant civil money penalty of $37 million against Brink’s Global Services USA, Inc. (Brink’s) for willfully violating the Bank Secrecy Act (BSA). The penalty stems from Brink’s failure to comply with anti-money laundering (AML) regulations, which are critical in protecting the U.S. financial system from illicit activities such as money laundering and narcotics trafficking.
This marks the first enforcement action against an armored car company by FinCEN, highlighting the seriousness of the violations. Between 2018 and 2020, Brink’s, a subsidiary of Brink’s Inc., operated as an unregistered money services business (MSB). The company facilitated large-scale bulk currency shipments, including transactions involving up to $800 million in cash, without registering as required by the BSA. These shipments crossed the Southwest Border, including transactions linked to high-risk entities, one of which was a Mexican currency exchanger that later pleaded guilty to violating the BSA.
According to FinCEN’s Director, Andrea Gacki, Brink’s exposed the financial system to significant risk by moving large sums of money domestically and across the border without necessary AML controls. “For years, Brink’s moved large sums without required AML controls, exposing the U.S. financial system to a heightened risk of money laundering,” said 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.”
The investigation revealed that Brink’s willfully violated several BSA requirements, including:
- Failing to register with FinCEN as a money services business.
- Failing to develop, implement, and maintain an effective anti-money laundering program.
- Failing to file Suspicious Activity Reports (SARs) despite significant red flags indicating possible illegal activity.
In addition to the $37 million penalty, Brink’s has committed to improving its AML program under the terms of a settlement agreement. The company will be subject to an independent review of its AML program to ensure future compliance. Brink’s must also implement stronger enforcement mechanisms, employee training, and regular testing of its AML procedures. The company is required to submit a report to FinCEN within 60 days after the review, outlining the improvements made.
The settlement also includes a non-prosecution agreement in which Brink’s has agreed to pay an additional $50 million fine, a portion of which will be credited to the Department of Justice. The company must retain records related to the consent order for six years and ensure that any future corporate entities or successors comply with the terms set forth by FinCEN.
In response to the settlement, Brink’s President and CEO Mark Eubanks emphasized the company’s commitment to compliance, saying, “Maintaining compliant operations for our global community of customers is a fundamental principle of our business and our Company values.” Eubanks also highlighted that upon learning of the DOJ investigation in 2020, Brink’s conducted a thorough internal review, leading to significant improvements in its Ethics & Compliance program. These enhancements were recognized by the DOJ as part of the settlement agreement.
“Maintaining compliant operations for our global community of customers is a fundamental principle of our business and our Company values,” said Mark Eubanks, Brink’s president and chief executive officer. “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. As an industry leader, we are committed to continuous improvement and are always evolving our program to address changing compliance risks.”
Over the past several years, with backing from executive leadership, Brink’s has strengthened its global Ethics & Compliance program. This includes expanding its compliance team and improving its engagement and training efforts, positioning the company to better protect its customers and enhance its global cash and valuables management services.
Brink’s plans to treat the settlement payments as special items in its 2024 financial statements, meaning the amounts will be excluded from the company’s non-GAAP results. As a result, the settlement is not expected to impact Brink’s previously provided 2024 financial guidance.
This enforcement action emphasizes the critical importance of compliance with anti-money laundering laws. Brink’s must now take immediate steps to address its shortcomings, or face the possibility of further legal consequences.
