Brink’s US Unit to Pay $42 Million to Settle Money-Laundering Allegations
Brink’s Global Services USA has agreed to pay $42 million over the next three years to resolve money-laundering investigations involving the U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN).
According to statements released on February 6, Brink’s entered into a non-prosecution agreement with the DOJ and a consent order with FinCEN, settling allegations related to its operations as an unlicensed money-transmitting business.
The DOJ accused Brink’s of violating the Bank Secrecy Act, the primary U.S. anti-money-laundering law. Investigations revealed that Brink’s had transported currency domestically and internationally beyond the limits permitted for regulated currency transporters. Authorities identified 12 specific transactions between money service businesses in San Diego and Florida, in which Brink’s did not adequately identify the final beneficiaries. Additionally, Brink’s was implicated in eight separate instances of importing currency from Mexico into the U.S. without the necessary licenses.
FinCEN also criticized Brink’s for willfully violating the Bank Secrecy Act, citing “hundreds of millions of dollars” in bulk currency shipments across the southwestern U.S.-Mexico border for entities considered high-risk.
Mark Eubanks, President and CEO of Brink’s, stated, “Upon learning about the DOJ investigation in 2020, we immediately conducted our own internal review and made significant enhancements to our global ethics and compliance program. These efforts have been recognized by the DOJ as part of our settlement agreement.”
The settlement statements clarified that no violations were found regarding Brink’s diamond and jewelry shipments. Brink’s also reiterated its commitment to continuously enhancing its compliance measures to address evolving regulatory requirements.