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Brink settles DOJ and FinCEN probes over cross-border currency shipments

Monday 10 February 2025 15:36 CET | News

Brink’s Global Services USA has reached agreements with DOJ and FinCEN to resolve investigations related to historical cross-border currency shipments and compliance with federal money-transmitting laws.

Under the terms of the resolution, BGS USA has entered into a Non-Prosecution Agreement with the DOJ and a Consent Order Imposing a Civil Monetary Penalty with FinCEN. The company has agreed to pay a total of USD 42 million over three years. Brink fully cooperated with authorities throughout the investigation process.

Brink resolves DOJ, FinCEN probes on cross-border currency compliance

The settlement relates to specific currency shipments that took place between 2018 and 2020. The transactions under scrutiny did not involve funds moved on behalf of the Federal Reserve or any federally regulated financial institutions.

Following the DOJ’s initiation of the investigation in 2020, Brink conducted an internal review and subsequently improved its global Ethics & Compliance program. The DOJ acknowledged these improvements as part of the agreement.

Strengthening compliance and risk management

In recent years, Brink’s has reinforced its Ethics & Compliance program, expanding its compliance team and implementing better training initiatives. These measures aim to ensure adherence to evolving regulatory requirements and mitigate compliance risks. Brink plans to classify the USD 42 million settlement as a special item in its 2024 financial statements. As a result, the settlement will be excluded from the company’s non-GAAP financial results and will not affect previously issued 2024 financial guidance.

Brink remains committed to maintaining compliance with financial regulations and strengthening its risk management framework as it continues to serve a global customer base.

Regulatory landscape and compliance challenges

The financial services industry operates under strict federal money-transmitting laws designed to prevent illicit financial activities such as money laundering, terrorist financing, and fraud. These regulations, primarily enforced under the Bank Secrecy Act (BSA) and the USA PATRIOT Act, require financial institutions and money service businesses (MSBs) to implement rigorous AML programs, conduct due diligence, and report suspicious transactions to regulatory authorities. Companies like Brink’s, which handle large-scale cross-border currency shipments, must adhere to these laws to ensure financial security and regulatory compliance. Non-compliance can lead to severe legal consequences, reputational damage, and financial penalties, as evidenced by the USD 42 million settlement in this case. Increased scrutiny from regulators underscores the growing emphasis on transparency and accountability in global financial transactions.

The FinCEN, a bureau of the U.S. Treasury Department, plays a critical role in enforcing compliance by monitoring financial activities and investigating potential violations of money-transmitting laws. FinCEN regularly takes enforcement actions against companies that fail to meet regulatory requirements, imposing civil penalties and mandating corrective measures to strengthen compliance programs. Past cases include actions against major banks, fintech firms, and currency transport companies for deficiencies in AML controls and failure to prevent illicit transactions. By holding companies accountable, FinCEN aims to safeguard the financial system from abuse and ensure that entities involved in money movement maintain robust compliance frameworks. The Brink’s case highlights the importance of continuous regulatory vigilance and proactive compliance measures in an evolving financial landscape.


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Keywords: compliance, transactions , financial institutions, risk management, regulation
Categories: Fraud & Financial Crime
Companies: Brink, DOJ, FinCEN
Countries: United States
This article is part of category

Fraud & Financial Crime

Brink

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DOJ

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FinCEN

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