Brink’s Global Services USA, Inc. (BGS), a company that transports money for businesses, has agreed to pay $50,391,143.22 as part of a settlement with the U.S. government. The company admitted to criminal wrongdoing after it was found to have illegally operated as a money transmitter without proper registration. This is the first time an armored car company has faced such a legal outcome for failing to comply with U.S. financial laws.
BGS violated the Bank Secrecy Act (BSA), a law designed to prevent illegal activities like money laundering. Under this law, businesses that move money between third parties must register with the Financial Crimes Enforcement Network (FinCEN) and follow strict rules to prevent financial crimes. Brink’s admitted it did not do this.
As part of an agreement called a Non-Prosecution Agreement, the company admitted to its illegal actions but avoided criminal prosecution by agreeing to pay the fine and cooperate with authorities. BGS also admitted that it lacked the necessary compliance programs to make sure its operations stayed within the legal limits set for money transport companies.
How Brink’s Broke the Rules
The investigation revealed that BGS moved millions of dollars between different businesses without following the rules. In one case, the company transported over $15 million from a business in San Diego to another in Florida through 12 separate transactions. Brink’s didn’t check where the money was really going or who would end up with it. It turned out that the money wasn’t staying with the original business—it was being sent to a third party, which is against the law for unregistered companies.
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In another example, Brink’s helped bring more than $35 million into the U.S. from Mexico. The company moved the money for a business in Mexico and delivered it to other businesses in the U.S. These cross-border transactions involved third parties, which meant they fell outside the legal exemptions for armored car companies. By law, these types of money movements required BGS to register as a money transmitter, but the company did not.
These actions violated Title 18, Section 1960 of the United States Code, which makes it illegal to operate an unlicensed money transmission business. Without proper registration and safeguards, such operations can enable money laundering and other illegal activities, which is why the law is so strict.
Authorities Respond to Brink’s Violations
Government officials emphasized the importance of cracking down on financial crimes and holding companies accountable for breaking the rules. One federal official described the investigation as uncovering a “back door” into the financial system, which allowed cash to move secretly and avoid being monitored.
The investigation involved several agencies, including Homeland Security Investigations (HSI) and Customs and Border Protection (CBP). These agencies worked together to expose how Brink’s allowed money to move across borders and through the financial system without the proper checks in place.
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Officials highlighted how the lack of compliance by companies like Brink’s can weaken the financial system and make it easier for criminals to hide illegal money. The settlement, which includes forfeiting over $50 million, sends a clear message that even large companies must follow the law.
Civil Enforcement and Final Actions
In addition to this criminal settlement, BGS also faced a civil enforcement action by FinCEN. The civil case focused on BGS’s failure to maintain an anti-money laundering program, which is required for businesses that handle large sums of money.
Authorities made it clear that their efforts to enforce financial laws and protect the integrity of the financial system are ongoing. This case serves as a warning to other companies in the industry: failure to follow the rules will have serious consequences.
This settlement marks a major step in addressing how some companies bypass regulations designed to protect the financial system from abuse. By admitting to wrongdoing and paying the substantial penalty, Brink’s Global Services has been held accountable for its actions.
