Brink's Global Services USA, Inc. (BGS), a well-known currency transporter and a branch of The Brink’s Company, has agreed to pay over $50 million to settle allegations of operating an unlicensed money-transmitting business. This comes after admissions were made regarding its violation of registration protocols set by Bank Secrecy Act rules.
The settlement, as it stands, is notable for being the first of its kind against an armored car company where criminal error has been acknowledged. This is specifically about failure to register as a money transmitter with the Financial Crimes Enforcement Network (FinCEN) and uphold anti-money laundering regulations, according to a press release by the U.S. Attorney’s Office for the Southern District of California. BGS has admitted to domestically and internationally transporting currency for third parties, thus stepping outside the regulatory exemption that normally applies to currency transporters.
Illustrating their unlawful activities, BGS conceded it had moved more than $15 million between money service businesses from San Diego to Florida over 12 transactions without proper oversight or confirmation that the funds were reaching intended recipients. Those millions were ultimately funneled to third parties not identified initially by BGS. As stated in the press release by the Southern District of California U.S. Attorney's Office, the company also engaged in importing and domestically transferring over $35 million from Mexico on behalf of foreign money service entities, which unequivocally placed them in the arena of unlicensed money transmission.
First Assistant U.S. Attorney Andrew Haden articulated the gravity of these actions, stating, as per the U.S. Attorney’s Office, "This year’s long investigation detected—and now closes—a back door where cash covertly entered the global financial system," and emphasized the sustained commitment to holding parties accountable for circumventing U.S. law; these comments reflect an enduring pursuit of integrity within the financial industry, with the collusion of multiple law enforcement entities ensuring that the objectives of justice and market stability are achieved.
The collaborative effort involved in this extensive investigation, which was initiated by Homeland Security Investigations and U.S. Customs and Border Protection, underpins the broad commitment to disrupting illicit endeavors exploiting the financial architecture of the nation. Both agencies have been significant figures in bringing to light the sophisticated channels used to undermine the U.S. financial system’s integrity, as Shawn Gibson, Special Agent in Charge of HSI San Diego stated, furthering the enforcement of laws designed to protect the nation's economic backbone.
CBP Director of Field Operations for San Diego, Sidney Aki, emphasized the meaningful impact of interagency cooperation and the collective success in thwarting illegal operations that have a global reach, as BGS's forfeiture evidences a steadfast resolve to rectify violations of the law. The penalties imposed on BGS also run in parallel with civil settlements with FinCEN, addressing the company’s inadequate anti-money laundering program among other infractions, as listed in the comprehensive non-prosecution agreement which puts this issue to rest.
