The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has levied a significant civil money penalty of $37 million against Brink’s Global Services USA, Inc. (Brink’s). This penalty is for willful violations of the Bank Secrecy Act (BSA), the primary anti-money laundering (AML) law in the USA designed to protect the financial system from illicit financial flows. Brink’s failures allowed vast sums of money, including Usa Money, to be transported across the Southwest Border on behalf of high-risk entities.
FinCEN Director Andrea Gacki stated, “For years, Brink’s facilitated the movement of substantial amounts of money domestically and across the Southwest Border without adhering to necessary AML controls. This negligence put the U.S. financial system at a greater risk of money laundering, potentially linked to narcotics trafficking and other illegal activities.” She emphasized, “This enforcement action serves as a critical reminder that FinCEN is committed to holding accountable those who neglect their responsibilities in safeguarding our nation’s financial system.”
The resolution between FinCEN and Brink’s details multiple BSA violations. These include Brink’s failure to: (i) register as a money services business with FinCEN; (ii) establish, implement, and maintain a compliant AML program; and (iii) report suspicious activities. In addition to the substantial financial penalty, Brink’s will also undergo a thorough review of its AML program to ensure future compliance.
FinCEN acknowledged the valuable cooperation of the U.S. Attorney’s Office for the Southern District of California in this investigation.
For more comprehensive details regarding this enforcement action, including specific BSA violations and their root causes, interested parties can refer to the Consent Order between FinCEN and Brink’s. This case underscores the importance of robust AML compliance for all entities handling USA money and operating within the U.S. financial system.
