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Brink's $37 Million Penalty for Bank Secrecy Act Violations
The Financial Crimes Enforcement Network (FinCEN) has fined Brink's Global Services USA £29.2 million for wilful violations of the Bank Secrecy Act (BSA). Brink's failed to implement adequate anti-money laundering (AML) controls, allowing substantial currency shipments across the Southwest Border on behalf of risky organisations. Specifically, Brink's did not register as a money services business, establish an effective AML program, or report suspicious activity. This negligence exposed the U.S. financial system to a greater risk of money laundering. In addition to the fine, Brink's will undergo an AML program review as a result of its actions. This marks FinCEN’s inaugural enforcement action against an armoured car firm.
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Published on 10 months, 3 weeks ago