The Financial Crimes Enforcement Network (FinCEN) has imposed a $37 million civil money penalty on Brink’s Global Services USA, Inc. for willful violations of the Bank Secrecy Act (BSA). The BSA is a key U.S. anti-money laundering law designed to protect the financial system from illicit activities. Brink's failures resulted in the transmission of hundreds of millions of dollars in bulk currency shipments across the Southwest Border for high-risk entities, including a Mexican currency exchanger that later admitted to violating the BSA. This marks 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 U.S. financial system to a heightened risk of money laundering, including from narcotics trafficking and other illicit activity," stated FinCEN 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."
According to its resolution with FinCEN, Brink’s committed several violations of the BSA. These include failing to register as a money services business with FinCEN, not developing or maintaining an effective anti-money laundering program, and neglecting to file suspicious activity reports. Alongside the monetary penalty, Brink’s will undergo an AML program review.
FinCEN acknowledged collaboration with partners from the U.S. Attorney’s Office for the Southern District of California in this matter.
The Enforcement and Compliance Division at FinCEN is tasked with investigating serious BSA violations. Further details about this enforcement action can be found in the Consent Order between FinCEN and Brink’s.
