Brink's FinCEN $37 Million Penalty: Armored Car Money Transmitter Lessons

On 6 February 2025 the US Financial Crimes Enforcement Network (FinCEN) announced a $37 million civil money penalty against Brink's Global Services USA, Inc. FinCEN's release describes it as its first enforcement action against an armored car company. The order says Brink's was acting as a money transmitter, a type of money services business, without registering, without a written anti-money laundering (AML) programme and without filing a single suspicious activity report (SAR). If you are building your AML knowledge, see our CPD courses.

This guide is based on FinCEN's news release of 6 February 2025 and consent order number 2025-01. We read both through a summarising tool, so check every figure against the original documents before you quote it.

The penalty

The civil money penalty is $37 million. According to the order, $20 million is credited for a payment to the US Department of Justice (DOJ), leaving $17 million payable to the Treasury. The order notes a non-prosecution agreement with the DOJ dated 31 January 2025, with a separate $50 million payment to the US Attorney's Office for the Southern District of California, part of which is suspended pending compliance. The relevant period is 7 October 2018 to 22 October 2020. The order cites the Bank Secrecy Act (BSA) rules on money services business registration (31 U.S.C. 5330 and 31 C.F.R. 1022.380), AML programmes (31 U.S.C. 5318(h)(1) and 31 C.F.R. 1022.210) and SARs (31 U.S.C. 5318(g) and 31 C.F.R. 1022.320).

Why an armored car firm was a money transmitter

Carriers of currency can fall outside the money services business definition in some situations, but FinCEN found that Brink's exceeded the common-carrier exemption. It concluded that Brink's was a money transmitter and so had to register, run an AML programme and report suspicious activity. The order says law enforcement told the parent company on several occasions that registration was likely required.

What FinCEN found

Bulk cash and the Mexican border

The order describes about $800 million in bulk currency shipments, domestic and cross-border, including shipments involving Mexico and Spain. It names a Tijuana currency exchange house, which pleaded guilty in 2021 to violating the BSA and forfeited $1.1 million, as a customer whose shipments totalled roughly $400 million among the missed or improperly reported transactions. FinCEN identifies the Southwest border as a significant area of risk for bulk cash smuggling and requires future risk assessments to address it. Brink's stopped certain Mexico-to-US shipments for exchange houses and currency wholesalers only after the DOJ investigation began.

No written AML programme

Brink's had no written AML programme, no designated compliance officer, no adequate training and no independent testing. A programme that exists only for other lines of business does not cover the services at issue.

KYC that looked at the customer but not the real counterparty

Brink's carried out KYC on its customers but not on others who gave shipment instructions, such as the originator of the cash. The order quotes a policy of taking direction exclusively from the customer, but says the firm did not follow it in practice. The lesson is that due diligence has to follow the real parties to a transaction, not only the contract. See our guide to Chinese money laundering networks for how bulk cash and third-party instructions feature in current typologies.

Zero SARs

Brink's filed no SARs in the period, although FinCEN identified hundreds of suspicious transactions that should have been reported. Our suspicious activity reporting guide explains the reporting duty that applies to money services businesses.

Undertakings

Brink's must propose an independent AML programme consultant at its own expense within 60 days of signing, subject to a FinCEN veto. The consultant submits a scope report within 90 days of retention, and a final report within 60 days of the end of the review and no later than a year after engagement. Brink's then prepares an implementation plan and reports on implementation within 180 days. Quarterly progress reports are required. The review covers money transmission status, senior management commitment, risk assessments including the Southwest border, policies, compliance resourcing, training, internal reporting, discipline and independent testing.

Cooperation and aggravating factors

The order says Brink's cooperation was generally of high quality and that it signed a tolling agreement. But there was no voluntary disclosure; FinCEN learned of the conduct through law enforcement. FinCEN also says Brink's did not act promptly to end the violations, that it began an AML programme only for services unrelated to the violations, and that it operated profitably while avoiding compliance spending.

Practical lessons

• Test whether your service is regulated. Exemptions have limits. Get a documented legal view when your activity moves value for others.
• Take law enforcement signals seriously. Repeated warnings that registration was likely required were an aggravating fact.
• Do KYC on the real parties. Include originators and instructing parties, not only account holders.
• Know your high-risk corridors. Cash flows near known smuggling routes call for a specific risk assessment.
• File SARs. A programme that produces none should prompt a review. See also our UBS Financial Services case study.

Frequently asked questions

How much was the Brink's penalty?

$37 million, of which $20 million is credited for a DOJ payment.

Is an armored car company a money services business?

It can be. FinCEN found Brink's activity went beyond the common-carrier exemption, so it was a money transmitter in this case.

Which period does the order cover?

7 October 2018 to 22 October 2020.

What we could not confirm

We read the release and order through a summarising tool. The order's signature date was blank in the text we read, and the exact count of unreported suspicious transactions is not stated. Please check all figures against the original FinCEN documents.