Brink's Settles Anti-Money Laundering Charges With DOJ and FinCEN

Core Points - Brink's Global Services USA (BGS USA) reached agreements with the Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN) to resolve investigations related to cross-border currency shipments and compliance with federal money-transmitting laws [1][2] - The company agreed to pay a total of $42 million over three years and has cooperated throughout the investigations, which involved currency shipments from 2018 to 2020 [2][3] - BGS USA will forfeit$50 million to settle criminal allegations of operating as an unlicensed money transmitting business, admitting to illegally transporting money domestically and internationally [6] Financial Penalties - BGS USA will pay a civil money penalty of $37 million for willful violations of the anti-money laundering (AML) law and the Bank Secrecy Act (BSA) [3][4] - The total financial impact of the agreements includes$42 million in penalties and $50 million in forfeiture, amounting to a total of$92 million [2][6] Compliance and Internal Review - Following the DOJ investigation in 2020, the company conducted a thorough internal review and has since enhanced its global Ethics & Compliance program, which was acknowledged by the DOJ [3] - The resolution indicates that BGS USA failed to register as a money services business, develop an effective AML program, and file suspicious activity reports [4][5] Industry Impact - The actions taken by BGS USA highlight the risks associated with inadequate AML controls, which can expose the financial system to money laundering risks, including those related to narcotics trafficking [5]