The new offering is an addition to the suite of transaction services available to clients operating in Mexico.Cuenta Controlada regulates the exchange of cash among multiple parties based on agreed upon contractual provisions as specified by a client. Bank of America Merrill Lynch acts as an independent third party to receive, hold and subsequently disburse the funds.
Bank of America Merrill Lynch’s global escrow services group now covers 15 jurisdictions across Europe, Asia, North and South America. Bank of America provides individual consumers, small and medium sized-market businesses and large corporations with range of banking, investing, asset management and other financial and risk management products and services.
In recent news, BofA has released a set of solutions for financial institution clients to address new requirements for conducting cross-border payments as outlined by the Dodd-Frank Remittance Regulation 1073.
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