Brink’s Global Services USA Reaches Resolutions with DOJ and FinCEN
Brink's Global Services USA (BGS USA) has reached settlements with the U.S. Department of Justice (DOJ) and Financial Crimes Enforcement Network (FinCEN) regarding historical cross-border currency shipments and federal money-transmitting law compliance. The company will pay $42 million over three years under a Non-Prosecution Agreement with DOJ and a Consent Order with FinCEN.
The resolution addresses currency shipments from 2018 through 2020, not involving Federal Reserve funds or federally regulated financial institutions. Following the DOJ investigation in 2020, Brink's conducted an internal review and enhanced its global Ethics & Compliance program. The company will treat the settlement amounts as special items in its 2024 financial statements, excluding them from non-GAAP results, maintaining its previously provided 2024 guidance.
Brink's Global Services USA (BGS USA) ha raggiunto un accordo con il Dipartimento di Giustizia degli Stati Uniti (DOJ) e il Financial Crimes Enforcement Network (FinCEN) riguardo a spedizioni di valuta storiche oltre confine e conformità alle leggi federali sui trasferimenti di denaro. L'azienda pagherà $42 milioni in tre anni ai sensi di un Accordo di Non Persecuzione con il DOJ e di un Ordine di Consenso con il FinCEN.
La risoluzione riguarda le spedizioni di valuta dal 2018 al 2020, non coinvolgendo fondi della Federal Reserve o istituzioni finanziarie regolamentate a livello federale. A seguito dell'indagine del DOJ nel 2020, Brink's ha effettuato una revisione interna e ha potenziato il suo programma globale di Etica e Conformità. L'azienda tratterà gli importi del regolamento come voci straordinarie nei propri bilanci finanziari del 2024, escludendoli dai risultati non-GAAP, mantenendo le indicazioni fornite in precedenza per il 2024.
Brink's Global Services USA (BGS USA) ha alcanzado acuerdos con el Departamento de Justicia de los EE. UU. (DOJ) y la Red de Protección de Delitos Financieros (FinCEN) respecto a envíos históricos de moneda transfronteriza y el cumplimiento de las leyes federales de transmisión de dinero. La compañía pagará $42 millones en tres años conforme a un Acuerdo de No Persecución con el DOJ y una Orden de Consentimiento con el FinCEN.
La resolución aborda los envíos de moneda desde 2018 hasta 2020, que no involucran fondos de la Reserva Federal ni instituciones financieras reguladas a nivel federal. Tras la investigación del DOJ en 2020, Brink's llevó a cabo una revisión interna y mejoró su programa global de Ética y Cumplimiento. La compañía tratará los montos del acuerdo como elementos especiales en sus estados financieros de 2024, excluyéndolos de los resultados no-GAAP, manteniendo su guía previa para 2024.
브링크스 글로벌 서비스 USA (BGS USA)는 미국 법무부 (DOJ) 및 금융 범죄 단속 네트워크 (FinCEN)와 역사적인 국경 간 통화 배송 및 연방 송금 법 준수에 관한 합의에 도달했습니다. 회사는 DOJ와의 비기소 협정 및 FinCEN과의 동의 명령에 따라 3년 동안 4,200만 달러를 지불할 것입니다.
이번 해결은 2018년부터 2020년까지의 통화 배송을 다루며, 연준의 자금이나 연방 규제를 받는 금융 기관과는 관련이 없습니다. DOJ의 2020년 조사가 끝난 후, 브링크스는 내부 검토를 실시하고 글로벌 윤리 및 준법 프로그램을 강화했습니다. 회사는 합의 금액을 2024년 재무제표의 특별 항목으로 간주하며, 비-GAAP 결과에서 제외하고, 2024년에 대한 이전의 안내를 유지할 것입니다.
Brink's Global Services USA (BGS USA) a conclu des règlements avec le ministère de la Justice des États-Unis (DOJ) et le Financial Crimes Enforcement Network (FinCEN) concernant des expéditions de devises transfrontalières historiques et la conformité aux lois fédérales sur les transmissions de fonds. L'entreprise paiera 42 millions de dollars sur trois ans dans le cadre d'un Accord de Non-Poursuite avec le DOJ et d'un Ordre de Consentement avec le FinCEN.
La résolution concerne les expéditions de devises de 2018 à 2020, sans impliquer des fonds de la Réserve fédérale ou des institutions financières réglementées au niveau fédéral. Suite à l'enquête du DOJ en 2020, Brink's a mené un examen interne et a renforcé son programme mondial d'Éthique et de Conformité. L'entreprise considérera les montants du règlement comme des éléments spéciaux dans ses états financiers de 2024, les excluant des résultats non-GAAP, tout en maintenant ses prévisions précédentes pour 2024.
Brink's Global Services USA (BGS USA) hat mit dem US-Justizministerium (DOJ) und dem Financial Crimes Enforcement Network (FinCEN) Vergleichsvereinbarungen bezüglich historischer grenzüberschreitender Währungsversendungen und der Einhaltung des Bundesrechts für Geldüberweisungen getroffen. Das Unternehmen wird im Rahmen einer Nichtverfolgungsvereinbarung mit dem DOJ und einer Zustimmungserklärung mit dem FinCEN 42 Millionen US-Dollar über drei Jahre zahlen.
Die Lösung betrifft Währungsversendungen von 2018 bis 2020, die keine Mittel der Federal Reserve oder von bundesrechtlich regulierten Finanzinstitutionen betreffen. Nach der Untersuchung des DOJ im Jahr 2020 führte Brink's eine interne Überprüfung durch und verbesserte sein globales Programm für Ethik und Compliance. Das Unternehmen wird die Vergleichsbeträge in seinen Finanzberichten für 2024 als besondere Posten behandeln und von den Non-GAAP-Ergebnissen ausschließen, während es seine zuvor gegebenen Prognosen für 2024 aufrechterhält.
- Settlement resolves historical compliance issues without admission of wrongdoing
- Settlement costs won't impact 2024 guidance
- Enhanced compliance program acknowledged by DOJ
- $42 million settlement payment over three years
- Historical compliance issues with cross-border currency shipments (2018-2020)
- Required implementation of enhanced compliance measures
Insights
The
Strategic Resolution Management: The three-year payment structure and exclusion from non-GAAP results demonstrates sophisticated financial engineering that minimizes immediate impact on operational metrics and maintains 2024 guidance. This approach helps preserve investor confidence while addressing compliance issues.
Compliance Evolution: The enhanced Ethics & Compliance program represents a strategic pivot that could create competitive advantages. By implementing these changes proactively and securing DOJ acknowledgment, Brink's has established a compliance framework that raises industry standards and potentially creates barriers to entry for competitors.
Regulatory Context: The resolution's timing and structure align with broader regulatory trends emphasizing corporate compliance programs and self-disclosure. The Non-Prosecution Agreement suggests effective cooperation and remediation, avoiding more severe enforcement actions that could have included criminal charges or mandatory monitoring.
Market Implications: The resolution eliminates significant regulatory overhang and provides clarity on financial exposure. The fact that the violations didn't involve Federal Reserve or federally regulated financial institutions significantly reduces systemic risk concerns and potential for additional regulatory scrutiny.
The financial implications of this settlement warrant careful analysis beyond the headline figures. The
Financial Impact Management: The three-year payment schedule optimizes cash flow management, with annual payments likely around
Operational Considerations: While the enhanced compliance program will increase operating costs, these investments should be viewed as strategic rather than punitive. The improved compliance infrastructure could reduce risk premiums in financing costs and insurance premiums, potentially offsetting increased operational expenses.
Market Position Impact: The settlement's exclusion from non-GAAP results and maintained 2024 guidance suggests robust underlying business fundamentals. This approach allows investors to focus on operational performance while demonstrating financial discipline in addressing regulatory matters.
RICHMOND, Va., Feb. 06, 2025 (GLOBE NEWSWIRE) -- The Brink’s Company (NYSE:BCO) today announced that its subsidiary, Brink’s Global Services USA (BGS USA), has reached agreements with the U.S. Department of Justice (DOJ) and U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) to fully resolve previously disclosed investigations related to historical cross-border currency shipments and compliance with federal money-transmitting laws.
BGS USA has entered into a Non-Prosecution Agreement with DOJ and a Consent Order Imposing Civil Monetary Penalty with FinCEN. Under the terms of the agreements, BGS USA has agreed to pay a total of
The resolutions are based on certain currency shipments that occurred from 2018 through 2020 and did not involve the movement of funds on behalf of the Federal Reserve or any federally regulated financial institutions.
“Maintaining compliant operations for our global community of customers is a fundamental principle of our business and our Company values,” said Mark Eubanks, Brink’s president and chief executive officer. “Upon learning of the DOJ investigation in 2020, we conducted our own thorough internal review and have since implemented further enhancements to our global Ethics & Compliance program, which were acknowledged by the DOJ in our agreement. As an industry leader, we are committed to continuous improvement and are always evolving our program to address changing compliance risks.”
Over the last several years, with support from executive leadership, Brink’s has strengthened its global Ethics & Compliance program, including expanding the global Ethics & Compliance team and enhancing its engagement and compliance training program. These compliance program enhancements uniquely position Brink’s within the industry to better protect customers and improve its global cash and valuables management services.
Brink’s intends to treat the settlement amounts, which will be reflected in its 2024 financial statements, as special items and exclude them from its non-GAAP results. As such, the settlement amounts will not impact the 2024 guidance previously provided.
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our network of operations in 52 countries serves customers in more than 100 countries. For more information, please visit our website at www.Brink’s.com or call 804-289-9709.
Contact:
Investor Relations
804.289.9709
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