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UNITED A.I. NETWORK®
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AI OASIS®
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Brink's subsidiary paying $42M for BSA violatons
The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has announced it has assessed a $37,000,000 civil money penalty against Brink's Global Services USA, Inc. (Brink's) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. As a result of Brink's failures, hundreds of millions of dollars in bulk currency shipments were transmitted across the Southwest Border on behalf of high-risk entities—including a Mexican currency exchanger that later pleaded guilty to violating the BSA. This is FinCEN's first enforcement action against an armored car company.
The U.S. Attorney's Office for the Southern District of California, in a coordinated announcement, reported that Brink's Global Services USA agreed to forfeit over $50 million under a Non-Prosecution Agreement to settle criminal allegations that it operated as an unlicensed money transmitting business.
After current and potential future credits toward the forfeiture. and FinCEN partial credit of some of the Department of Justice forfeiture toward its civil money penalty, the net cost to the company appears to be $42 million.
For additional information and links to the FinCEN order and the Justice Department agreement, see "Brink's Global Services USA pays $42M for BSA violations" in our Penalty pages.
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Exception Cost Calculator (Free Spreadsheet)
How Much Does Exception Tracking Cost Your Bank?
Download the free spreadsheet, enter the number of hours for each task, and see the results. Estimate your annual exception tracking cost.
— Alogent
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U.S. targets oil network funding Iran's military
Yesterday, the Treasury Department reported that OFAC has sanctioned an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People's Republic of China (PRC). The oil was shipped on behalf of Iran's Armed Forces General Staff and its sanctioned front company, Sepehr Energy Jahan Nama Pars. This action includes entities and individuals in multiple jurisdictions, including the PRC, India, and the United Arab Emirates, as well as several vessels.
For a link to the names and identification information of the designated parties and vessels, see yesterday's BankersOnline OFAC Update.
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FTC sending refunds to small businesses harmed by payment processor
The Federal Trade Commission yesterday reported it is sending more than $2.6 million in refunds to small businesses harmed by payment processor First American Payment Systems.
The FTC filed a lawsuit in July 2022 against First American, charging the company with trapping small businesses with hidden terms, surprise exit fees, and zombie charges. The FTC alleged the company made false claims about fees and cost savings to lure merchants. Once merchants were enrolled, the defendants withdrew funds from their accounts without their consent and made it difficult and expensive for them to cancel the service. The defendants settled the lawsuit with the FTC by paying money to refund small businesses. They also agreed to stop misleading businesses about their fees and make it easier for businesses to cancel their services.
For additional details, click HERE.
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