This settlement involving Brink’s Global Services USA Inc. underscores the importance of compliance with U.S. financial regulations, particularly those related to the Bank Secrecy Act (BSA).
The company admitted to operating as an unlicensed money transmitting business, failing to adhere to rules requiring registration with the Financial Crimes Enforcement Network (FinCEN) and maintaining anti-money laundering AML programs.
Brink’s Global Services violated these regulations by transporting funds domestically and internationally without proper oversight, putting the company outside of the regulatory protections designed for armored car services.
This case highlights the need for currency transporters to ensure they comply with legal requirements, particularly when handling third-party transactions, to prevent illegal money transfers and safeguard financial integrity.
The forfeiture of $50.39 million reflects the serious nature of these violations and the potential risks to financial security posed by noncompliance in the currency transport industry.
Additionally, this is the first settlement where an armored car company has admitted to such violations, marking a significant moment in regulatory enforcement.
It’s also noteworthy that the company facilitated transactions involving large sums of money, some exceeding $15 million, without verifying the beneficiaries, further deepening the violations.
This case serves as a reminder to financial services companies, including currency transporters, of the critical role compliance plays in maintaining the integrity of the financial system.
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