Armored car company Brink’s has agreed to forfeit $50 million to avoid criminal prosecution stemming from allegations of failing to register as a money transmitting business, federal prosecutors in San Diego said Thursday.
The non-prosecution agreement between Brink’s and the U.S. Attorney’s Office includes admissions that the company violated the Bank Secrecy Act, which requires registering with the U.S. Treasury’s Financial Crimes Enforcement Network.
The U.S. Attorney’s Office said the settlement is believed to be the first in which an armored car company faced criminal allegations for failing to register as a money transmitting business. Brink’s also settled a civil enforcement action with the Financial Crimes Enforcement Network.
As part of the settlement, Brink’s admitted money was transported without the proper regulatory controls.
Prosecutors cited one instance where the company moved more than $15 million from a San Diego money service business to a money service business in Florida across a dozen separate transactions, but did not confirm the identity of the final beneficiary of each transaction.
“This year’s long investigation detected — and now closes — a back door where cash covertly entered the global financial system,” First Assistant U.S. Attorney Andrew Haden said in a statement.
“For too long, parties have used currency transporters in a manner that evaded Bank Secrecy Act reporting requirements and anti-money laundering tools. This office remains laser-focused on holding individuals and corporations — including those in the armored car industry — accountable for moving money in ways that dodge U.S. law.”
