By Katherine Hamilton
A subsidiary of Brink's Co. has agreed to pay the U.S. government $42 million to settle claims it operated as an unregistered money-services business.
Brink's Global Services USA, which specializes in transporting high-value items, said Thursday it entered a non-prosecution agreement and would pay the sum over the next three years to the Justice Department and the Treasury Department's Financial Crimes Enforcement Network.
The claims were based on cross-border currency shipments Brink's Global Services USA made from 2018 to 2020. The unit transported bulk shipments of currency across the U.S. border, which would classify it as a money-services business, but didn't comply with FinCEN's regulations for that type of company, the Treasury Department alleged.
The settlement will be reflected in Brink's Co.'s 2024 financial statements, but won't affect its previously provided 2024 guidance, the company said.
Chief Executive Mark Eubanks said the company cooperated with investigations and did its own internal review that resulted in enhancements to its ethics and compliance program.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 06, 2025 15:05 ET (20:05 GMT)
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