Brink’s US Settles Money-Laundering Case for $42M

Brink’s US Settles Money-Laundering Case for $42M

Introduction

The U.S. subsidiary of Brink’s has agreed to pay $42 million over three years to resolve money-laundering investigations by the U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN). The agreements include a non-prosecution agreement with the DOJ and a consent order with FinCEN imposing a civil monetary penalty, the company announced on February 6.

Violations of the Bank Secrecy Act

According to the DOJ, Brink’s Global Services USA operated as an unlicensed money-transmitting business and admitted to violating the Bank Secrecy Act (BSA)—the primary U.S. anti-money laundering (AML) law. The company allegedly transported money both domestically and internationally beyond the scope allowed for currency transporters and lacked proper compliance controls.

Unlawful Transactions and Regulatory Failures

The DOJ cited 12 transactions between money service businesses in San Diego and Florida, where Brink’s failed to identify the final beneficiary. Additionally, the company facilitated eight instances of currency imports from Mexico to the U.S. without proper licensing as a money transmitter.

FinCEN Findings and High-Risk Transactions

FinCEN stated that Brink’s had “willfully” violated the Bank Secrecy Act, leading to the movement of hundreds of millions of dollars across the U.S.-Mexico border on behalf of high-risk entities. However, the investigations did not find issues with Brink’s shipments of diamonds and jewelry.

Brink’s Response and Compliance Enhancements

Brink’s CEO acknowledged the DOJ’s investigation, which began in 2020, and stated that the company conducted an internal review and enhanced its global ethics and compliance program. He reaffirmed Brink’s commitment to continuous improvement in addressing compliance risks.