Financial affiliate of Brink agrees to a $42 million settlement, responding to allegations from FinCEN and the Department of Justice.
In a significant development, Brink's Global Services USA has agreed to pay a settlement of $42 million to resolve charges brought by federal regulators for violating anti-money laundering (AML) laws[1][2]. The settlement was announced on Thursday and marks the first resolution with an armored car company related to BSA violations, according to the Department of Justice[5].
The settlement stems from allegations that Brink's Global Services transported more than $15 million from a money service business in San Diego to a separate money service business in Florida[6]. FinCEN claims that the company shipped hundreds of millions of dollars across the Mexican border on behalf of high-risk entities[7].
As part of the settlement, Brink's Global Services admitted to willful Bank Secrecy Act violations and has agreed to significantly increase its compliance staff and create new roles, including a deputy chief ethics and compliance officer[8]. The company has also purchased licensing rights to improve its operations[9].
The final beneficiary of these transactions was ultimately transmitted to a third-party not identified by Brink's Global Services[6]. One of these high-risk entities later pleaded guilty to BSA violations[7]. FinCEN imposed a civil monetary penalty of $37 million on Brink's Global Services, but $20 million of the civil monetary penalty was credited to Brink's Global Services due to its payment to the Department of Justice[6].
In a statement, Brink's President and CEO, Mark Eubanks, said, "Maintaining compliant operations is a fundamental principle of Brink's Global Services' business, and we are committed to continuous improvement of our ethics and compliance program."[10]
Brink's Global Services has taken steps to address the issues raised by federal regulators and has made a significant investment in its ethics and compliance program to ensure that it is fully compliant with all applicable laws and regulations in the future.
- Brink's Global Services, in resolving charges for violating anti-money laundering laws, has acknowledged that maintaining compliant operations is a crucial aspect of their business, reflecting the significance of finance and business in their operations.
- As part of the settlement, Brink's Global Services has agreed to bolster its compliance staff and create new roles, demonstrating a commitment to improving its operations in both the finance and business sectors.
