My question is:

Can I import an animation of a mesh imploding into Unreal with just key frames on it or do I have to create a bone for each part of the mesh?

This is what I have done within Max:

I have created a mesh within Max and then broke it into pieces using a custom script. Then I setup a Reactor simulation and imploded this mesh. After that was done I baked out the animation, so everything was key framed.

What I am planning on doing with it:

This animation will be triggered in a cinematics sequence in matinee

No need for this question anymore I have figured out how to bring it in